{"id":238,"date":"2018-07-16T16:41:25","date_gmt":"2018-07-16T16:41:25","guid":{"rendered":"https:\/\/latcheldev.wpengine.com\/blog\/3-aging-trends-real-estate-professionals-should-know\/"},"modified":"2019-07-26T10:58:33","modified_gmt":"2019-07-26T17:58:33","slug":"3-aging-trends-real-estate-professionals-should-know","status":"publish","type":"post","link":"https:\/\/latchel.ticksites.com\/wp2\/3-aging-trends-real-estate-professionals-should-know\/","title":{"rendered":"3 Aging Trends Real Estate Professionals Should Know"},"content":{"rendered":"<p>Real estate is strongly driven by demographic trends. As Baby Boomers and earlier generators get older, what are they doing with the $13.5 trillion in homes they own? Are Millenials ready to become home owners as they start their families?<\/p>\n<h3>1. Baby Boomers Are Exiting the Housing Market<\/h3>\n<p><img class=\"aligncenter\" src=\"https:\/\/latchel.ticksites.com\/wp2\/wp-content\/uploads\/2018\/07\/pbox.gif\" alt=\" As Boomers age, will they sell? Will the next generations be able to buy? Source: The Washington Post \" \/> As Boomers age, will they sell? Will the next generations be able to buy? Source: The Washington Post<\/p>\n<p>Traditionally, as people age and become empty nesters, they downsize their home to something smaller or choose to age in place and not move. <a href=\"https:\/\/www.housingwire.com\/articles\/46039-can-millennials-confront-the-looming-threat-of-aging-baby-boomers\" target=\"_blank\" rel=\"noopener noreferrer\">This is no longer the case<\/a>. Home purchases from the 55+ set dropped 9% over the past year, even while overall home purchases have increased.<\/p>\n<p>Many more boomers are exiting the market altogether and opting for rentals instead. This could explain the <a href=\"https:\/\/www.curbed.com\/2017\/10\/24\/16526158\/real-estate-apartment-baby-boomers-senior-living\" target=\"_blank\" rel=\"noopener noreferrer\">increase in luxury 55+ rental communities<\/a>. When you&#8217;re ready to enjoy your retirement, why bother having to deal with home maintenance, too?<\/p>\n<h3>2. Millennials With Children Remain in the Rental Market<\/h3>\n<p>Despite all the inventory leaving the hands of the Boomer generation, many Millennials <a href=\"https:\/\/www.housingwire.com\/articles\/46021-raising-children-no-longer-pushes-new-parents-to-get-a-mortgage\" target=\"_blank\" rel=\"noopener noreferrer\">still find home ownership out of reach<\/a>. This is likely due to high student loan debt making mortgage payments more difficult rather than poor credit worthiness. Even though half of Millennials think their <a href=\"https:\/\/moneyish.com\/splurge\/almost-half-of-millennials-say-that-their-credit-scores-are-holding-them-back\/\" target=\"_blank\" rel=\"noopener noreferrer\">credit score is holding them back<\/a>, this is likely due to a <a href=\"https:\/\/www.housingwire.com\/articles\/46059-experts-surprised-by-millennial-credit-scores\" target=\"_blank\" rel=\"noopener noreferrer\">misperception that they need 800+ scores<\/a> or perfect credit to qualify for loans.<\/p>\n<p>Either way, having children is no longer a strong indicator that a young person will try to become a homeowner. Across the country, homeownership among young families is decreasing.<\/p>\n<h3>3. The Housing Boom Is Getting Old<\/h3>\n<p>But how does it compare to past booms? <a href=\"https:\/\/www.calculatedriskblog.com\/2018\/07\/the-longest-economic-and-housing.html\" target=\"_blank\" rel=\"noopener noreferrer\">CalculatedRisk<\/a> writes that this is neither the longest housing boom nor economic expansion in recent US history. Those titles go to Jan &#8217;91 to Nov &#8217;98 (94 months) for housing and Mar &#8217;91 &#8211; Mar &#8217;01 (120 months) for the economy. Our current housing run is 89 months. The economy has been expanding for 109 months. The blogger economist reminds readers that expansions don&#8217;t die of old age. Based on the <a href=\"https:\/\/latchel.ticksites.com\/wp2\/blog\/6-economic-trends-every-real-estate-professional-should-know\">recent economic trends,<\/a> there is a lot of reason for optimism that the expansion can continue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p style=\"white-space: pre-wrap;\">Real estate is strongly driven by demographic trends. As Baby Boomers and earlier generators get older, what are they doing with the $13.5 trillion in homes they own? Are Millenials ready to become home owners as they start their families?<\/p>\n","protected":false},"author":4,"featured_media":240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23],"tags":[151,15,51,59,90,26],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Aging Trends Real Estate Professionals Should Know | Latchel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latchel.ticksites.com\/wp2\/3-aging-trends-real-estate-professionals-should-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Aging Trends Real Estate Professionals Should Know | Latchel\" \/>\n<meta property=\"og:description\" content=\"Real estate is strongly driven by demographic trends. As Baby Boomers and earlier generators get older, what are they doing with the $13.5 trillion in homes they own? Are Millenials ready to become home owners as they start their families?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/latchel.ticksites.com\/wp2\/3-aging-trends-real-estate-professionals-should-know\/\" \/>\n<meta property=\"og:site_name\" content=\"Latchel\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/latchel\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-16T16:41:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-26T17:58:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/latchel.ticksites.com\/wp2\/wp-content\/uploads\/2018\/07\/matthew-bennett-425573-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2500\" \/>\n\t<meta property=\"og:image:height\" content=\"1667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@latcheldotcom\" \/>\n<meta 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