State of the Nation’s Housing Harvard Report 2009

The following report states that the outlook in demographic drivers is a positive one for the future.

The Outlook

While the economic crisis has dampened household growth, the sheer size of the echo-boom generation will give a powerful boost to long-run housing demand. A severe and prolonged recession may, however, reduce immigration—a key driver of household growth—or lead to an extended period of lower headship rates. And the depth of the downturn may, for the first time in at least 40 years, reduce the real median household incomes of each 10-year cohort relative to its predecessor by 2010. Rapid growth in the population under age 45 and over age 65, as well as the rising minority share, will shift the composition of housing demand over the next 20 years. These changes in the age distribution will mean greater demand for both starter homes and rentals, and for seniors housing. In addition, as the baby boomers and older generations begin to turn over their homes to younger households, adjustments to the existing stock are likely, both through remodeling and pricing. The first wave of change will occur in the inner suburbs of large metropolitan areas where people now in their 70s and 80s are concentrated, then fan out to the outer suburbs as the baby boomers start to downsize.

Read the press release: Here

Read the fact sheet(4pgs): Here

Read the report(47pgs): Here

If you are looking for some cool data go to the appendix table in Excel: Here


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