Get Ready for the Echo Boomers’ Mark on Housing
Sixty-two million echo boomers — between the ages of 17 and 31 — are expected to shape the housing market in the next decades, reports U.S. News & World Report.
“With about 5 million turning 21 every year, they’re going to be driving the first-time home buyer market for years to come,” says Charlie Young, CEO of ERA Real Estate.
But it won’t be easy for some in this age group to step right into home ownership, as they face mounting student loan debt and high unemployment, says Lawrence Yun, chief economist for the National Association of REALTORS®.
“I expect the U.S. economy and the unemployment rate to return back to historical norms within a few years,” Yun told U.S. News & World Report. “And the thing with student debt loads is that as long as people have jobs they can pay that off, so it’s really about the job creation.”
Recent polls still show a high thirst for home ownership among younger generations.
“Home ownership is a key part of America’s social fabric and it will continue to be,” Young says. “Not many people grow up to say, ‘I want to rent my home.’”
Source: “Echo Boomers to Shape Housing Market for Next 2 Decades,” U.S. News & World Report (June 11, 2012)