Wave of Aging Baby Boomers to Impact Housing Demand

As the Baby Boomers age into their 70s, 80s, and 90s over the next 25 years, the nation's demographic profile will transition in a way that has never been seen before. According to estimates from Oxford Economics, the number of people aged 75 and older in the U.S. stood at approximately 23.3 million at the end of 2021, accounting for an estimated 7.0% of the nation’s population. The population in this age group is expected to grow by 11.3 million people in the next 10 years, rising to 34.6 million, accounting for 9.9% of the population. By 2046, this age cohort of the population will likely comprise 46.9 million people and account for 12.5% of the population, as seen in the chart below.

Read the December 2022 Market Commentary