Bashar Omar’s Post

National Association of REALTORS® alerts to the impact of decades-old homes on the US #HousingMarket. Experts emphasize #aginghomes are adding stress to an already limited #housingsupply. The median age of our homes is 40 years, with almost half built pre-1980. Neglected homes pose a challenge for both #olderadult #homeowners and the younger generation #buyingahome in this #realestatemarket. A study shows #emptynesters own more #largehomes than millennials with kids. As #Babyboomers #ageinplace, challenges arise leaving them with a difficult decision to “Modify or Move”. When millennials tackle updating #olderhomes it can come at a steep cost. The intensified pressure on the housing market raises questions about the long-term sustainability of accommodating diverse #multigenerationalliving needs and aging in place preferences. Join National Aging In Place Council (NAIPC) to be part of the change in our #agingcommunities. If you’ll be #attending the NAHB International Builders' Show I #encourage you to hear me discuss the impacts of our #aginghousing market and how you can #setyourself up for success working with the older demographics. #how2ageyourway #grassrootsaging #agingpopulation #agingparents #homeownershiptips #modifyormove #communityconnections #aginghomes

According to the latest data from Census Bureau’s Current Population Survey, the Millennial homeownership rate stands at 45.5 percent in 2023. As expected, rates are higher for older generations.1 At the top are Baby Boomers, of whom 74 percent own homes. Boomers recently passed the Silent generation (70 percent) who, now in their 80s and 90s, may be selling homes to live with younger relatives or in assisted living facilities. Generation X homeownership has been trending up since 2015, reaching a high of 65 percent today. Next come Millennials (45 percent), followed by Generation Z (8 percent), the oldest of whom were just 26 in the most recent year of data.

Austin is now ranked as the #1 city for millennials, according to a fresh study by the commercial real estate platform CommercialCafe. The report dives into data from the U.S. Census Bureau's latest American Community Survey, examining millennial population changes from 2018 to 2022 across 105 metro areas with over 500,000 residents. Austin saw its millennial population soar by nearly 16% during this period. By 2022, millennials made up 27.3% of the city's total population, translating to 673,000 residents, as per CommercialCafe's findings. Read more here: 👉 https://bit.ly/4cJAFDO

Is Gen Z more or less likely to own a home than Millennials were? Depends how you measure homeownership. Recent articles claim that Gen Z is more likely to own homes than millennials were at a similar age. This claim holds true when we look at Gen Zers who have established their own households (what the Census calls “homeownership rate”). Using this metric, they are indeed more likely to own than millennials. Yet, if we examine the entire Gen Z population, including those living with family or roommates, they are less likely to be homeowners than millennials at the same stage of life. We call this metric the “real” homeownership rate. 3 other Gen Z myths busted here ➡ https://lnkd.in/gBssznX9 #JBREC #NHTI

Lots of articles about the changing American dream these days. Key quote from this one: "Millennials are getting married later, if at all. They're having kids later, if at all. And forget owning a sprawling suburban home." We've long argued kids need to hire a new PR firm - having them isn't nearly as bad as many articles suggest. 😊 But demographics are changing, with birth and marriage rates down. And while we don't fully agree that "#demographics are destiny, we do agree that demographic changes have major societal and economic impacts.  #socialtrends #demographictrends

Homeownership continues to become a fleeting dream for many Americans. Millennials are significantly behind previous generations in homeownership, with only 45.5% owning homes compared to 70% of the Silent Generation and 74% of Baby Boomers, according to the Census Bureau’s 2023 survey. Research from Apartment List suggests this figure may be overstated when considering individual ownership, especially since many millennials live in multi-generational households. Economic factors, including the Great Recession, delayed homeownership for millennials, though by age 40, they’ve caught up with Gen X. Gen Z, now entering the housing market, faces similar challenges due to rising home prices and high interest rates. Renting has continued to remain a top option for this demographic, as many find homeownership unattainable. https://hubs.li/Q02QsdpH0 #RealEstate #Investing #Multifamily #RentalHousing

Homeownership continues to become a fleeting dream for many Americans. Millennials are significantly behind previous generations in homeownership, with only 45.5% owning homes compared to 70% of the Silent Generation and 74% of Baby Boomers, according to the Census Bureau’s 2023 survey. Research from Apartment List suggests this figure may be overstated when considering individual ownership, especially since many millennials live in multi-generational households. Economic factors, including the Great Recession, delayed homeownership for millennials, though by age 40, they’ve caught up with Gen X. Gen Z, now entering the housing market, faces similar challenges due to rising home prices and high interest rates. Renting has continued to remain a top option for this demographic, as many find homeownership unattainable. https://hubs.li/Q02QrYZZ0 #RealEstate #Investing #Multifamily #RentalHousing

Housing demand in the United States will continue to benefit from demographic trends, according to a RealPage analysis incorporating several layers of data. RealPage started with the US Census Bureau's tracking of people per age combined with the Pew Research Center's banding of generations. This includes the Silent Generation (1928-1945), Baby Boomers (1946-1964), Generation X (1964-1980), Millennials (1981-1996), Generation Z (1997-2012) and Generation Alpha (2013+). Baby Boomers encompassed 78 million people at the generation's peak, which is 13.5 million more than Gen X. Millennials peaked at 73 million, which is about five million more than Gen Z. RealPage also used National Association of Realtors statistics about the age of apartment renters and first-time home buyers in the US to create its analysis. The median age of apartment renters is 32 years old, according to NAR. The median age of first-time homebuyers is 35. Although Gen Alpha is on the smaller side, RealPage said it expects the generation to expand as the cohort ages into adulthood due to immigration. Multifamily demand is likely to be strongest in markets where job growth is strong, attracting members of younger generations. Markets in the West and South are expected to have some of the nation's most significant job growth over the next year, according to RealPage. Topping the list of markets where the category is expected to be strong is Provo, Utah, with an anticipated 2% increase in its employment base by the third quarter of 2025. In the South, most of the strongest job growth markets are in Florida, said RealPage. Job growth is forecasted to hit 1.9% in Myrtle Beach in the coming year, while Cape Coral should see 1.7% growth, and Orlando and Naples are likely to grow by 1.6%, RealPage predicted. Phoenix is expected to add nearly 40,000 new jobs, an increase of 1.6%, over the next year. All of these markets are adding jobs at nearly double the national average of 0.9%.

#BOOMERS are large and in charge. This group not only controls the majority of US wealth, but the “aging of America” has created a ton of opportunity for retail, restaurants and medtail to pay attention to. “This report reveals that Americans older than 55 control 72% of the nation’s wealth, highlighting a major contrast with the financial realities facing those younger than 55, who see little to no growth in their financial assets.” #demographics #populationtrends #populationgrowth

Zillow posted a blog a couple of years ago saying that all the Boomers were going to die and leave a tsunami of old houses. They aren't all going to die at the same day. Given the 2019 data of 71.9 Boomers, that leaves 20 million left at the end of 2035. We can follow data, but people are living longer and healthier every year. Peter Diamandis believes that people can extend their lifespan by decades with healthier living. Boomers aren't our parents' generation, we're better informed, don't trust big pharma, and many have turned to functional medicine. We won't know until we get to 2035 if data is anywhere close. Before the Recession, forecasters believed that people moved on the average of every 5-7 years. Post Recession they said it was 10 years without taking either fallout from the Recession into consideration, or the data that showed 38% of homes across the country are free and clear of a mortgage. 80% of the elderly want to 'age in place,' and only 10% go into assisted living. One set of numbers doesn't tell the whole story.