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Talkin ’ ’bout My Generation: Changing Demographics and Economic Impacts

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 –.

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Talkin ’ ’bout My Generation: Changing Demographics and Economic Impacts

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  1. Talkin’ ’bout My Generation: Changing Demographics and Economic Impacts

  2. The American Dream Zimmerman/Volk Associates, Inc.

  3. The American Family Zimmerman/Volk Associates, Inc.

  4. The American detached house 62% of US dwellings 72% of Michigan dwellings Zimmerman/Volk Associates, Inc.

  5. America (and the American dream) has changed. Zimmerman/Volk Associates, Inc.

  6. Married couples with children – now 22% of American households. 20% in Michigan.

  7. Traditional (one-worker) family – less than 10 percent of all U.S. households. Zimmerman/Volk Associates, Inc.

  8. 21st Century Non-Traditional Family Zimmerman/Volk Associates, Inc.

  9. Emergence of the “grandfamily” 3 million grandparents are raising their grandchildren. Zimmerman/Volk Associates, Inc.

  10. The immigrant effect: 12.9% foreign-born 6% in Michigan

  11. The 21st Century housing market has been dominated by the two largest generations in American history. Zimmerman/Volk Associates, Inc.

  12. The Baby Boom 77 Million 1946-1964 Zimmerman/Volk Associates, Inc.

  13. A Pig in a Python Birth Years: 1946-1964 Ages Today: 49-67 Entered Kindergarten: 1951-1969 Elementary schools Entered High School: 1960-1978 High schools Entered College: 1964-1982 Dormitories Entered Job Market: 1964-1986 Apartments Married with Children: 1970-2000 Detached Houses Empty nesting: 1991-2024 Apts./Condos/TH/Detached Retirement/2nd Careers: 2008-2034 Apartments/Condos; CCRCs, etc. Death: 2026-2054 Mortuaries, crematoria, cemeteries Zimmerman/Volk Associates, Inc.

  14. TheBabyBoom Mostly couples The “Me Generation” Heading for retirement Settled at last More likely to be owners Politically and spiritually diverse The new “old”

  15. What they like.

  16. And not so much...

  17. Boomers joined by the largest generation in American history. Zimmerman/Volk Associates, Inc.

  18. The Millennials 78 Million 1977-1996 Zimmerman/Volk Associates, Inc.

  19. An Even Bigger Pig in the Python Birth Years: 1977-1996 Ages Today: 17-36 Entered Kindergarten: 1982-2001 Elementary schools Enter High School: 1991-2010 High schools Enter 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/Detached Retirement: 2047-2066 Apartments/Condos; CCRCs, etc. Death: 2057-2086 Mortuaries, crematoria, cemeteries Zimmerman/Volk Associates, Inc.

  20. Age at First Marriage 2012 28.6 26.6 1980 24.7 22.0 1960 Men22.8 Women20.3

  21. TheMillennials Mostly single. Highly social. Early/unsettled careers. Huge college debt. Very mobile. Most likely to be renters. Ethnically and culturally diverse. Green.

  22. What they’re into.

  23. And not so much...

  24. Two Generations Converge 2004-2024 Boomers Move Down/Move Back Millennials Move Out/Move In Both Seek Community Zimmerman/Volk Associates, Inc.

  25. The Great Convergence: 2004 to 2024 Basic demographic support for walkable neighborhoods Zimmerman/Volk Associates, Inc.

  26. 55% in 2004 56% in 2011 60% in 2013 Growing market preference for compact, pedestrian-oriented, mixed-use neighborhoods —National Assn. of Realtors Zimmerman/Volk Associates, Inc.

  27. Michigan’s Divergence Households MI US Empty-Nesters/ Retirees 53% 46% Families 29% 30% Younger Singles/Couples 18% 24% Zimmerman/Volk Associates, Inc.

  28. The two largest generations are mostly one- and two-person households. Zimmerman/Volk Associates, Inc.

  29. 59% of all U.S. households contain just one or two persons— 62% in Michigan. Zimmerman/Volk Associates, Inc.

  30. Nationally, nearly two-thirds of all homebuyers are singles or couples. Zimmerman/Volk Associates, Inc.

  31. 8 - 9 percent of home purchases made by single men. Zimmerman/Volk Associates, Inc.

  32. 22 - 24 percent of home purchases made by single women. Zimmerman/Volk Associates, Inc.

  33. 30 - 32 percent of home purchases made by couples. Zimmerman/Volk Associates, Inc.

  34. 35 - 37 percent of home purchases made by traditional and non-traditional families Zimmerman/Volk Associates, Inc.

  35. Housing stock for families in a market of singles and couples? Zimmerman/Volk Associates, Inc.

  36. Targeting the 21st Century Market • Housing and unit type variety. Zimmerman/Volk Associates, Inc.

  37. The Loft Zimmerman/Volk Associates, Inc.

  38. Hard Lofts Zimmerman/Volk Associates, Inc.

  39. Soft Lofts Zimmerman/Volk Associates, Inc.

  40. Mezzanine Lofts Zimmerman/Volk Associates, Inc.

  41. Zimmerman/Volk Associates, Inc.

  42. Targeting the 21st Century Market • Housing and unit type variety. • Historic preservation. Zimmerman/Volk Associates, Inc.

  43. Targeting the 21st Century Market • Housing and unit type variety. • Historic preservation. • Walkable, mixed-use neighborhoods. Zimmerman/Volk Associates, Inc.

  44. People like to walk to work. Zimmerman/Volk Associates, Inc.

  45. … or not.

  46. People like to walk to parks. Zimmerman/Volk Associates, Inc.

  47. People like to walk to restaurants. Zimmerman/Volk Associates, Inc.

  48. People like to walk to entertainment. Zimmerman/Volk Associates, Inc.

  49. People like cool places to hang out. Zimmerman/Volk Associates, Inc.

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