Talkin ’ ’bout My Generation: Changing Demographics and Economic Impacts
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Talkin’ ’bout My Generation: CHANGING DEMOGRAPHICS AND ECONOMIC IMPACTS
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Talkin ’ ’bout My Generation: Changing Demographics and Economic Impacts. The American Dream. The American Family. The American detached house. 62% of US dwellings. 72% of Michigan dwellings. America (and the American dream) has changed . Married couples with children –. - PowerPoint PPT Presentation
Transcript of Talkin ’ ’bout My Generation: Changing Demographics and Economic Impacts
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Talkin bout My Generation:Changing DemographicsandEconomic Impacts1
The American DreamZimmerman/Volk Associates, Inc.
The American FamilyZimmerman/Volk Associates, Inc.The American detached house62% of US dwellings72% of Michigan dwellings
Zimmerman/Volk Associates, Inc.4America(and the American dream)has changed.Zimmerman/Volk Associates, Inc.5Married coupleswith children
now 22% of American households.20% in Michigan.Traditional(one-worker)family less than 10 percentof allU.S. households.
Zimmerman/Volk Associates, Inc.Zimmerman/Volk Associates, Inc.
21st Century Non-Traditional Family
Emergenceof thegrandfamily
3 million grandparentsare raising their grandchildren.Zimmerman/Volk Associates, Inc.The immigrant effect: 12.9% foreign-born
6% in Michigan The 21st Century housing market has been dominated bythe two largest generationsin American history.Zimmerman/Volk Associates, Inc.11
TheBaby Boom
77 Million1946-1964Zimmerman/Volk Associates, Inc.A Pig in a PythonEntered Kindergarten: 1951-1969 Elementary schoolsEntered High School: 1960-1978 High schoolsEntered College: 1964-1982 Dormitories Entered Job Market: 1964-1986 Apartments Married with Children: 1970-2000 Detached HousesEmpty nesting: 1991-2024 Apts./Condos/TH/DetachedRetirement/2nd Careers: 2008-2034 Apartments/Condos; CCRCs, etc.Death: 2026-2054 Mortuaries, crematoria, cemeteries Birth Years:1946-1964Ages Today:49-67Zimmerman/Volk Associates, Inc.
Mostly couplesThe Me GenerationHeading for retirementSettled at lastMore likely to be ownersPolitically and spiritually diverseThe new oldThe Baby Boom
What they like.
And not so much...
Boomers joined by thelargest generationin American history.Zimmerman/Volk Associates, Inc.17
TheMillennials 78 Million1977-1996Zimmerman/Volk Associates, Inc.An Even Bigger Pig in the PythonBirth Years:1977-1996Ages Today:17-36Entered Kindergarten: 1982-2001 Elementary schoolsEnter High School: 1991-2010 High schoolsEnter College: 1995-2014 Dormitories Enter Job Market: 1997-2021 Apartments/condos Married with Children??: 2003-2036 Detached Houses??Empty nesting: 2024-2060 Apts./Condos/TH/DetachedRetirement: 2047-2066 Apartments/Condos; CCRCs, etc.Death: 2057-2086 Mortuaries, crematoria, cemeteries Zimmerman/Volk Associates, Inc.
Age at First Marriage1980
24.722.01960
Men22.8Women20.32012
28.626.6
Mostly single.Highly social.Early/unsettled careers.Huge college debt.Very mobile.Most likely to be renters.Ethnically and culturally diverse.Green.The Millennials 21
What theyre into.
And not so much...
Two Generations Converge2004-2024Boomers Move Down/Move BackMillennials Move Out/Move InBoth Seek CommunityZimmerman/Volk Associates, Inc.The Great Convergence: 2004 to 2024
Basic demographic support for walkable neighborhoodsZimmerman/Volk Associates, Inc.Growing market preferencefor compact, pedestrian-oriented,mixed-use neighborhoods55% in 200456% in 201160% in 2013Zimmerman/Volk Associates, Inc.National Assn. of Realtors Michigans Divergence HouseholdsMIUS
Empty-Nesters/Retirees53%46%
Families29%30%
YoungerSingles/Couples18%24%
Zimmerman/Volk Associates, Inc.27 The two largest generationsare mostlyone- and two-personhouseholds.Zimmerman/Volk Associates, Inc.28 59% of allU.S. households contain justone or two persons
Zimmerman/Volk Associates, Inc.62% in Michigan.
29 Nationally,nearly two-thirds of all homebuyers aresingles or couples.Zimmerman/Volk Associates, Inc.30Zimmerman/Volk Associates, Inc.
8 - 9 percent of home purchasesmade by single men.
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22 - 24 percent of home purchasesmade by single women.
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30 - 32 percent of home purchasesmade by couples.
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35 - 37 percent of home purchasesmade by traditional and non-traditional families
Zimmerman/Volk Associates, Inc.Housing stock for families in a marketof singles and couples?Zimmerman/Volk Associates, Inc.35Targeting the 21st Century MarketHousing and unit type variety.Zimmerman/Volk Associates, Inc.The Loft
Zimmerman/Volk Associates, Inc.Hard Lofts
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Soft Lofts
Zimmerman/Volk Associates, Inc.Mezzanine Lofts
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Zimmerman/Volk Associates, Inc. Housing and unit type variety. Historic preservation.
Targeting the 21st Century MarketZimmerman/Volk Associates, Inc.
Housing and unit type variety. Historic preservation. Walkable, mixed-use neighborhoods.Targeting the 21st Century MarketZimmerman/Volk Associates, Inc.
People like to walk to work.Zimmerman/Volk Associates, Inc. or not.
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People like to walk to parks.
Zimmerman/Volk Associates, Inc.Zimmerman/Volk Associates, Inc.People like to walk to restaurants.
48Zimmerman/Volk Associates, Inc.People like to walk to entertainment.
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People like cool places to hang out.Zimmerman/Volk Associates, Inc.
Andcool placesto live.Zimmerman/Volk Associates, Inc. Housing and unit type variety. Historic preservation. Walkable, mixed-use neighborhoods. Sustainability.Targeting the 21st Century MarketZimmerman/Volk Associates, Inc.
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Zimmerman/Volk Associates, Inc. Housing and unit type variety. Historic preservation. Walkable, mixed-use neighborhoods. Sustainability. Social and economic diversity.Targeting the 21st Century MarketZimmerman/Volk Associates, Inc.
Zimmerman/Volk Associates, Inc.56The Great Convergence: 2004 to 2024
Zimmerman/Volk Associates, Inc.Targeting the 21st Century MarketCreate a sense of place.Zimmerman/Volk Associates, Inc.
What attracts people most, it would appear,is other people. William H. WhyteZimmerman/Volk Associates, Inc.
