Even before the housing crisis hit the US, home ownership had been steadily declining. Can demographics save the ailing housing market? MarketMAPS takes a look.
According to most analysts, the US housing market hit its peak in 2004. Since then, there have been fewer and fewer homeowners in the US. The housing crisis, which occurred in 2007, only worsened the problem. What could possibly save the dismal housing market?
According to Moody’s Analytics, the answer is demographics. Baby Boomers are moving into the age group with the highest levels of home ownership, while their children (referred to as Echo Boomers) are more likely to own homes as well.
Take a look at Moody’s chart and see how high the levels of home ownership jump through the different age groups.
Demographic trends such as age, gender, and income can greatly affect the housing market. But the impact of demographics don’t end there. Demographics affect the way businesses advertise; they determine how businesses design their sales territories, and much more.
Better manage the impact of demographics on your business with MarketMAPS Demographic Maps. We create the highest quality demographic maps of anywhere in the US and Canada. Choose from 1000s of demographics and select the coverage area, content, and street details for your map.
Contact MarketMAPS today. Use our demographic maps to plan ahead and discover new opportunities