Comment by biker142541
2 days ago
Perhaps, but what about the median age of buyers? That tells a more complete story here https://www.axios.com/2024/11/04/home-buyer-age-older
2 days ago
Perhaps, but what about the median age of buyers? That tells a more complete story here https://www.axios.com/2024/11/04/home-buyer-age-older
But presumably we are talking about the parents of teenagers who would own the homes for these parties, so people who are 40+
Also look at the median purchase - it's incredibly bigger than 1950s.
The simple fact is that people still buy and own real estate, at pretty much the same rate for decades (a century?), and now end up owning much bigger places.
The median age of buyers has increased from 31 in 2004 to 38 in 2024.
The median age of the population of the United States has increased from 35.3 in 2000 to 38.8 in 2020. (hmmmmm)
https://en.wikipedia.org/wiki/Demographics_of_the_United_Sta...
https://en.wikipedia.org/wiki/Demographic_history_of_the_Uni...
As the population pyramid of the US, which is already a "population Empire State Building", further morphs into a "Population Baseball Diamond", I expect the median age of all buyers to increase and the percentage of owners by age group in the younger cohorts to decrease.
Additionally, as the median age increases, because older people tend to have more money, I expect home prices to continue to increase.
Honestly, I expect home prices to spike by 2035-2040 as the current crop of 50–60-year-olds reach retirement realizing that their only real prospect of not starving to death in retirement is the main (and often only) asset: their home.
That will further stress younger folks, but people don't seem to care and anyone who expresses concern is denigrated as a communist so what is to be done?
Regardless, with the homeownership rate for "under 35" fluctuating between ~41% in 1982 and ~37% in 2024 "nobody owns shit no mo" is still false.
https://www.census.gov/housing/hvs/data/charts/fig07.pdf
these rates tend to be described quite awkwardly. They sure read like the owner of the house lives there, but that tends not to be the full story of what counts to the metric
at least in canada, this would mean that 38 y/o are primarily still living in their parents basement, since theyre living with the homeowner, and that counts as home ownership. same thing if you're a roommate with the owner, paying rent.