July 17, 2015
TRUE OR NOT?
From an article by Diana Olick of CNBC: Wealthier Boomers Shun Homeownership
- Renter growth is now at its highest level in 30 years. The age demographic 45-64 accounted for two times the share of growth as those under age 35.
- Households in top half of income, although more likely to own, represent 43% of renter growth.
From an article in Realtor Magazine: Downsizing Boomers to Fuel Apartment Market
- Millennials may be a big driver of multi-family housing now, but boomers looking to downsize are expected to drive apartment growth over the next few years.
- Downsizing typically occurs around age 70 and becomes prominent by age 75.
- Older adults tend to want more space and amenities than Millennials.