Modern Day Baby Boom Bodes Well for Home Sales
I read an interesting article in Realtor Magazine this month about the new baby boom that the United States is currently experiencing and its potential effect on home sales. According to the article called “The New Baby Boom” by Robert Freedman, the US adds one person every 13 seconds. At the start of 2008 the country had almost 3 million more residents then it did at the start of 2007. The US birth rate is now the highest it’s been in more then 40 years. This is great news for the housing industry according to economists, because a new household formation is the first step toward home ownership. The population gains we are currently experiencing point to huge demand in the years to follow.
The article also cites immigrant households as having the highest home ownership rates of all demographic groups, that’s according to the Home-ownership Alliance. After an immigrant family has been in the country for 30 years, their rate of home ownership rises to just below 75 percent. Economists believe that once consumer confidence returns to the housing market, sales will boom.
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