• by Jack Loechner , Staff Writer @mp_research, March 5, 2004

Housing Boom Attributed to Boomers

Cheryl Russell, at newstrategist.com, reports on what's behind the housing boom in 2003, noting that, according to the Census Bureau, homebuilders broke ground on an estimated 1.85 million housing units and sales of existing homes rose to a record 6.1 million units according to the National Association of Realtors.

She goes on to say that the entry of the baby-boom generation into the home-buying age groups accounted for 11 million homeowners, or 65 percent of the increase in the nation's homeowners since 1983. Though home ownership within the group has declined slightly, 80% of the 55-to-64 age group are homeowners and 82 percent of the 65-to-74-year-olds own a home. Those age groups will be filling with boomers over the next two decades, she notes.

The release includes data that shows that in 2003 homeownership rate by age is as follows:

68.3% Total home ownership

42.2% Under age 35

68.3% Aged 35 to 44,

76.6% Aged 45 to 54

81.4% Aged 55 to 64

80.5% Aged 65 or older

Find out more here