Home buyer demographics show “echo boomers” poised to revive ownership stats
By Kelly Pottorff & Tammy Tidmore
Despite local real estate market gains over the past few months, homeownership is down on the national level – and has been for some time. However, a recent Business Insider report indicates that the country’s home ownership statistics may be in for a change – and that home buyer demographics lie at the root of the anticipated market shift. By organizing current homeowners by age, analysts point out that baby boomers are today’s highest homeownership group. But these days, so-called “echo boomers” – that is, children of the baby boomer generation – are approaching the age at which they, too, will be increasingly likely to own homes.
According to the latest Moody’s analysis, echo boomers have begun entering “the 30 to 45-year-old cohort” of the population – the age group that “traditionally makes the largest gains in homeownership.” Data drawn from 2011 shows that the sharpest increase in homeownership indeed occurs within this jump from the 25 to 29-year-old cohort to the 30 to 45-year-old cohort. In other words, echo boomers are likely to make up a sizeable portion of the coming year’s prospective homeowners: and with more of these individuals spilling into the market, the future looks optimistic for home sales and inventory demand.
Local demographics and Del Mar real estate
Whether you are a seller hoping to cash in on increased market demand, or a prospective buyer trying to navigate the San Diego real estate market, awareness of real estate demographics can be a useful complement to knowledge about the general state of the market. And when it comes to assessing your prospects and making informed choices, the best way to utilize such information is with the help of an experienced real estate agent.
At Willis Allen Real Estate, we bring our clients a unique blend of talent and expertise, as well as extensive knowledge of the San Diego market from Carlsbad to Downtown and from Rancho Santa Fe to Del Mar. We understand that our clients are just as diverse as our local communities, and pride ourselves on helping buyers find the right fit. In addition, we provide sellers with the negotiation skills and market savvy necessary to secure the best possible deal. Whether you are an experienced homeowner or an “echo boomer” buyer, get in touch today to find out what our team can do for you. For more information, contact us, Kelly Pottorff and Tammy Tidmore, at www.rsf.com.
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