ORLANDO, Fla. – Oct. 4, 2011 – Growth in the real estate sector in the coming years will be driven from several different directions.
The 2010 Census indicates that the median age of residents climbed to 40 or older in seven states. The Rust Belt states in the Midwest have the largest population of older adults, but other areas are seeing increases in the 55-to-64 demographic as well.
Experts say Baby Boomers – the first of whom turn 65 this year – are staying in the labor market longer and aging in place, and they continue to prefer homeownership to renting.
The number of Millennials (age 20 to 34) is also rising, and this population segment makes household creation decisions based on jobs but will likely rent for the next several years due to tight lending standards.
Minorities account for about 33 percent of the U.S. population, and the Census shows that Hispanics and Asians no longer congregate mainly in coastal and border areas. The Hispanic population is on the rise in Nashville, Tenn.; Greenville, S.C.; and Charlotte, N.C., while the Asian population is increasing in Orlando; Riverside, Calif.; and Phoenix. Experts say minorities tend to favor renting.
Meanwhile, the Census indicates that demand for office space will rise in the coming years as the number of office workers expands; and declines in household income have put a focus on “value shopping,” suggesting there will be more discount retailers leasing space in mainstream malls.
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
The 2010 Census indicates that the median age of residents climbed to 40 or older in seven states. The Rust Belt states in the Midwest have the largest population of older adults, but other areas are seeing increases in the 55-to-64 demographic as well.
Experts say Baby Boomers – the first of whom turn 65 this year – are staying in the labor market longer and aging in place, and they continue to prefer homeownership to renting.
The number of Millennials (age 20 to 34) is also rising, and this population segment makes household creation decisions based on jobs but will likely rent for the next several years due to tight lending standards.
Minorities account for about 33 percent of the U.S. population, and the Census shows that Hispanics and Asians no longer congregate mainly in coastal and border areas. The Hispanic population is on the rise in Nashville, Tenn.; Greenville, S.C.; and Charlotte, N.C., while the Asian population is increasing in Orlando; Riverside, Calif.; and Phoenix. Experts say minorities tend to favor renting.
Meanwhile, the Census indicates that demand for office space will rise in the coming years as the number of office workers expands; and declines in household income have put a focus on “value shopping,” suggesting there will be more discount retailers leasing space in mainstream malls.
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
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