Trulia chief economist Jed Kolko wrote this morning:
"Median age in US ~38. But modal age is 23. Five most common ages: 23, 24, 22, 54, 53."
This is an important change in the modal age. As I've noted before, by 2020, eight of the top ten largest cohorts (five year age groups) will be under 40, and by 2030 the top 11 cohorts will be the youngest 11 cohorts.
Demographics is a key driver of economic growth, and although most people focus on the aging of the "baby boomer" generation, the movement of these younger cohorts into the prime working age is another key story in coming years. Here is a graph of the prime working age population (this is population, not the labor force) from 1948 through May 2014.
Read more...Calculated Risk: The Future is still Bright!