Emphasis was placed on the future home buying habits by Millenials during a session at this week's Realtor's 2012 Midyear Legislative Meetings and Trade Expo in Washington, D.C. Economists focused on the purchasing power of this group ages 17-31.
Called Echo Boomers during this conference, this age group is gowing to have the largest impact on the housing market in the next two decades according to economists who spoke during the "Shifting Demographics & Housing Choice: A Whole New World?" seminar.
Approximately 62 million Americans are classified as Echo Boomers with 31 percent of them recently purchasing homes. These numbers are down compared to previous generations, mostly due to economic conditions and lending challenges.
“Echo boomers represent a long-term opportunity for a housing market recovery, but they are struggling in the current economic crisis,” says National Association of Realtors' Selma Hepp. “Consequently, demand for rental housing is likely to climb in the near term.”
As the Baby Boomer generation ages and moves to assisted living homes, the home supply will increase. This is in addition to the large supply of inventory already on the market.
Are you seeing more clients that fall in this echo boomer age group? Do you agree with these economists that the echo boomers will drive the next two decades?