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