The 65-plus population in the United States, which measured about 40.3 million in 2010, is expected to reach 54.8 million by the end of this decade. That’s a 36 percent growth, propelled by the fact that 40 million baby boomers will turn 65 in this time.
According to “Housing in America: The Baby Boomers Turn 65,” a new report released this fall by The Urban Land Institute, the combination of aging baby boomers and those a bit older has created a variety of market segments and it is posing new opportunities and challenges for the housing industry. The report highlights the Leading Edge Boomers (born between 1943-1954), the Silent Generation (aged 67 to 85) and the Greatest Generation (aged 85 and older).
“The 65-plus age group is the fastest growing age group in the United States and will be for the rest of this decade, as the rate of growth for that group is accelerating,” says John McIlwain, ULI’s senior resident fellow for housing and author of the report. “Over the last two decades, unprecedented change has occurred, and today three separate generations are over 65, each with its own outlook on life and distinct housing needs that are unlike those of past markets for people in their age group.”
Read more...Booming Business Opportunity | Multi-Housing News Online
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