A demographic revolution is coming in housing

housing

By Barry Bluestone | Boston.com | December 20, 2012

As we enter 2013, the latest news on the housing front is encouraging. This past year sales of single-family homes in Greater Boston rebounded for the first time in seven years. Condo sales are up as well, nearly 30 percent over 2011 levels. And with mortgage rates remaining at historic lows, this coming year could see more of the same.

But the big story in housing is the dawning of a seismic shift in the region’s population and with it, a dramatic change in what kinds of housing people will want and where they are going to want it. It’s all about the greying of the baby-boom generation and the coming of age of the “millenials.”

Between 2010 and 2020, the population of Massachusetts is projected to grow by roughly 200,000 or about 3.1 percent. But as the figure below demonstrates, the age structure of the population is going to change dramatically. The number of young “prime age” individuals, aged 25-34, is expected to grow by about 91,000. These are the millenials who were 15 to 24 years old in 2010. Read More

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