Why 23 Yr Olds are going to save the world.
This article below was a very interesting read. I thought I would share it through our Homelife Blog, “The Insider” and give you my spin on it’s potential impact on the local real estate market.
Bloomberg’s article focused on how 23 year old’s are the largest population group in North America. This is due to several decades of birth rates declining in the 60’s and 70’s, and we then saw a change–a reversal in the 1980’s, 1990’s and 2000’s. And get this: the 23 year olds are going to save our country with their innovative nature and hard earned tax dollars to give those potential grey-haired baby boomers the economy to retire on.
AGE GROUPS WITH THE MOST PEOPLE BY YEAR:
- 1973 – Age 15
- 1983 – Age 24
- 1993 – Age 33
- 2013 – Age 23
In terms of our local real estate market in Abbotsford and Mission, we track the first-time buyers’ habits. Their habits are a strong indicator for a potential market up-swing in house prices. When these millennials decide to buy homes in the next 4 to 7 years, we can anticipate a nice market surge. Are you ready for another boom like 2004 to 2007?? Another doubling in house values??
- Houses Double in values every 10 years on average.
- If you start at the end of World War II and look at doubling values, this rule of thumb works nicely, up until about 2005.
- Locally, we have had flat values since 2008 (6 years) – SEE OUR BLOG “What’s Real Estate Going To Do?”
- “For a long time I would say my property worked harder than I did (meaning earned more money than me)” Walters Consulting Group.
- Pent Up Demand ? (When the demand for a service or product is unusually strong, such as the 23 year olds’ desire to start families and buy homes in roughly 4 years, we will be right on time to start the next 10 year doubling cycle.)
Read this great article below about the familiar plight of the millennial generation, those born after 1980. They owe the bulk of North America’s $1 trillion++ in student debt. They have little or no savings. A third still live at home with their parents. Those with jobs are often underemployed and underpaid. Not only have they delayed the typical trappings of adulthood—marriage, home, kids—they may be stuck in perpetual adolescence.
Millennials do have one big thing going for them: numbers. At 4.3 million, 23-year-olds are now the single largest age group in the U.S. Size matters! Can this group save us all?
300 – 3303 Immel St. Abbotsford BC V2X 5Y1
1 – 32540 Logan Ave Mission BC V2V 6G3
O 604 859 3141 or 604 826 2699 F 604 859 5226 or 604 826 2621
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