Florida's Demographics - Now and the Future
The changing demographics of the U.S. population will play a big part in the real estate market of the future. For example, there are 36 million people in the Baby Boomer age bracket, the first of them turning 60 in 2007. In 10 years, the 65-and-over population will be growing faster than the population as a whole. Today, about 1,000 people per day move to Florida. As more people reach their golden years, the population of Florida will increase at a faster rate.
One dominant trait of the Baby Boomers is that they want to hold on to their youth, so they may want to live in communities where they can stay active and be entertained. About 46% of the population growth is expected to be in 3 states -- Florida, California and Texas. (In contrast, the number of retirees leaving Florida has recently been increasing, partly because some of them may have spent their funds and find the area is no longer affordable.)
Also, more home buyers will be women. There are currently more women in college than men (58%) and that makes women more likely to be making financial decisions on their own. In the last 20 years, the number of single women buying homes has already doubled.
The racial minorities will make up a larger percentage of the population too. For example, Hispanics represent 1 in 7 of Americans today, but in 10 years it will be closer to 1 in 4. Because of the number of births and new arrivals from Latin America and Asia, parts of the U.S. will have a much more diverse population. As the population ages and becomes more diverse, it may also be more common to see multiple generations of families living together in the same home, which might mean that the home has to be bigger. Just some food for thought...maybe some strategy can be derived from all that data. We welcome your comments, so write to me at joe@stukey.com or visit our website at www.stukey.com.
One dominant trait of the Baby Boomers is that they want to hold on to their youth, so they may want to live in communities where they can stay active and be entertained. About 46% of the population growth is expected to be in 3 states -- Florida, California and Texas. (In contrast, the number of retirees leaving Florida has recently been increasing, partly because some of them may have spent their funds and find the area is no longer affordable.)
Also, more home buyers will be women. There are currently more women in college than men (58%) and that makes women more likely to be making financial decisions on their own. In the last 20 years, the number of single women buying homes has already doubled.
The racial minorities will make up a larger percentage of the population too. For example, Hispanics represent 1 in 7 of Americans today, but in 10 years it will be closer to 1 in 4. Because of the number of births and new arrivals from Latin America and Asia, parts of the U.S. will have a much more diverse population. As the population ages and becomes more diverse, it may also be more common to see multiple generations of families living together in the same home, which might mean that the home has to be bigger. Just some food for thought...maybe some strategy can be derived from all that data. We welcome your comments, so write to me at joe@stukey.com or visit our website at www.stukey.com.
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