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A new report commissioned by the Bipartisan Policy Center examines Demographic Challenges and Opportunities for U.S. Housing Markets, finding increasing demand for rental housing as Baby Boomers age and Echo Boomers postpone homeownership.
The report summarizes demographic trends, taking into account current economic conditions and the ways that these conditions may affect future demand for housing. In particular, the report examines the impacts of a growing 65+ population in the U.S., spurred by the aging of the Baby Boomers generation and increasing life expectancy. The study also looks at the Echo Boomer generation, noting a mismatch between the housing demands of Echo Boomers – primarily rental - and the housing stock that the Baby Boomers will be leaving – primarily single-family homeownership. Finally, the report considers how the decline in homeownership among Black and Hispanic households has negatively impacted wealth for those populations.
The report finds that there is likely to be a significant increase in demand for rental housing as household formation changes – fewer married households, more singles, more seniors needing services. The authors also note that economic conditions for Echo Boomers will be very different from Baby Boomers – they are likely to have more debt and thus have more difficulty in purchasing a home, which will also impact demand.
The full report is available here.