A recent study sponsored by the Mortgage Bankers Association called “America’s Regional Demographics in the ‘00s Decade: The Role of Seniors, Boomers and New Minorities,â€? project that two emerging forces will change the face of the American home buyer in the next several decades — aging Baby Boomers and Hispanic and Asian immigration.
Different areas of the country will be impacted by the influences of one or both of these groups. For example, suburban areas will become home to older home buyers faster than urban areas due to the boomers aging in place. Other key findings include:
The most dramatic impact of aging in place will be in parts of the country which are not now associated with aging populations, like Nevada, Colorado, or Georgia.
Well-off young senior populations will emerge in areas like Las Vegas, NV, Denver, CO, Dallas, TX and Atlanta, GA.
“New Minority States� where Asians and Hispanics currently account for about 1/3 of the population: NY, NJ, FL, IL, TX, NM, AZ, NV, and CA.
“Faster Growing States� contain many suburban communities and attract migration from the rest of the country as well as from recent immigrants. This group of states will have the highest rate of growth for the 55 and over population: NH, MD, VA, NC, SC, GA, TN, CO, UT, ID, OR, and WA.
To read more, check out the article “Tomorrow’s Suburbs Will Be Grayer; Tomorrow’s Home Buyers Will Increasingly Be Young Minorities”
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