A down to earth look at real estate issues in
Northern New Jersey with an environmental twist.
Sunday, June 17, 2012
Echo Boomer Generation Replacing Baby Boomers
The legendary Baby Boomers have finally reached retirement age and have led the trend towards downsizing and/or looking for retirement communities to spend their "Golden Years." Replacing them are their "Echo Boomer" children.
An estimated 84.7 million young adults in the Echo Boomer generation, the oldest of whom turned 25 in 2010, are expected to enter the housing market within the next 20 years. A recent Harvard study states that, as housing markets improve, more fence-sitting young adults will convert from renters into first-time home buyers. If the Harvard study is right, by next year, home values -- and mortgage rates -- will be higher.