According to research provided by the National Association of Realtors, Aging baby boomers and their echo boomer children will have a major impact in the nation’s housing market over the next 20 years. In Rockland County, according to the 2010 census, echo baby boomers (ages 17-31) total approx. 53,000 and baby boomers (ages 46-65) total approx. 63,500 or 40.5% of total population of Rockland County.
In the next 20 years, the aging baby boomers will likely help increase the supply of housing by selling their homes. The echo baby boomers will absorb 75-80% of the available inventory by 2020.
A favorable housing market with a strong a recovery would encourage growth for echo boomer households and this would help absorb current inventory setting up positive conditions for new construction.Nationwide approximately 12 million new households would be formed over the next 10 years requiring 15 million new housing units. Rockland County population is 311,687 and total US population is 308,745,538, as per 2010 census: Rockland County represents a little more than .1% of the total population.
The supply of rental housing continues to fall and rents are increasing. Consequently qualified buyers are finding homeownership has become even more affordable.
Rockland County has a homeownership of 71% as opposed to 55.2% nationwide. In New City, for example, the total population is 33,559; at 71% over 23,800 residents are homeowners. Of that number 20.4% of them are baby boomers.
The way I look at, for those who are ready to buy, opportunity is knocking!!
Author:Donna Podesta Phone: 201-264-4918 Dated: March 30th 2012 Views: 2,532 About Donna: I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland...
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