Housing Giants - April 10, 2008 - (Page 28)

Now in their 30s and early 40s, Generation Xers have moved into fullfledged adulthood, with 53 percent of them now parents, according to the U.S. Census Bureau. The birth rate for Generation X is 15 percent less than it was for baby boomers, but immigration is making up for some of the lower birth rate, says James Chung, president of Reach Advisors, a marketing strategy and research firm based in New York. For the next decade, Generation Xers will be a notable group because they are entering their prime home trade-up years, age 35 to 42, Chung says, adding that this generation now buys 51 percent of newly constructed homes. GENERATION Y Born between 1980 and 1995, this generation is also termed millenials or echo boomers, as they are primarily the offspring of baby boomers. The actual Echo Boom was a five-year span between 1989 and 1993, when for the first time since 1964 the number of births in the U.S. surpassed 4 million. This group, the second largest after the baby boomers, is just coming into its own as an adult consumer force. “Although Generation Y isn’t always 28 HOUSING GIANTS.4.10.08 ‘‘ “Our home building industry is always focused on starte adult adults and move-up homes, but those population groups – Dowell Myers, UCLA professor of urban planning and dem Dowell Myers and SungHo Ryu illustrate that the leadi the U.S. population growth in nearly all decades since and higher housing prices, they note. considered a viable marketing prospect, as they continue to age, within the next five years they’ll be flooding the home ownership market and are a force of about 74 million,” says Steven Kleber, president WWW.HOUSINGGIANTS.COM http://www.census.gov/ http://www.census.gov/ http://www.reachadvisors.com/ http://www.reachadvisors.com/ http://WWW.HOUSINGGIANTS.COM

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Housing Giants - April 10, 2008 Contents Viewpoint News and Moves Market CEO Spotlight The New Housing Demographics

Housing Giants - April 10, 2008

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