11/5/2023 0 Comments Demographic trends examples![]() These workers were likely to have higher levels of education, with 54% of employed individuals aged 25 and over working from home versus 18% of those with a high school diploma and no college. While many workers have returned to the workplace, more than one-third of employed Americans (34%) reported working from home full-time in 2022. The shift to working from home that began during the COVID-19 pandemic appears to be a permanent change, at least for some companies in the U.S. Older renters are likely to have different interests than younger renters in terms of features and amenities, and they also tend to occupy rental properties for longer. The trend toward an increase in senior renters could have significant impacts for real estate developers in terms of this generation’s preferences when constructing new rental properties. But other late-middle-age dynamics may also be in play, as baby boomers, many of whom are empty nesters, may be looking for fewer responsibilities and more flexibility in their retirement years. The desire to capitalize on high demand and tight inventory in the housing market may account for some of the impetus for baby boomers to sell their homes. Over the next two decades, as more baby boomers move into the 75-and-over age group (an age bracket when rentership typically increases), this rate is likely to continue to rise. Most of this growth reflects the 37% increase in households in that age group, but the rentership rate went up slightly as well. Between 20, the total number of renter households was up 14%, but those headed by a person aged 65 and over went up by 43%. One perhaps surprising trend is the degree to which the baby-boom generation is contributing to demand in the U.S. An estimated 10,000 baby boomers will reach age 65 every day through 2030, at which point, all members of that generation will be of retirement age. Aging Baby BoomersĬommercial developers have opportunities in building projects geared for retirees as baby boomers transition to retirement. “But with change comes opportunity, so it’s important for real estate businesses to stay informed about these demographic shifts in order to evolve and remain competitive.” 5 demographic trends impacting real estate development: 1. “Even as some areas within commercial real estate may be seeing some stabilization as patterns and routines start to more closely resemble those of the pre-pandemic era, there are demographic forces in play that are driving even further change,” said Mike Thomas, head of PNC Real Estate. These macroeconomic pressures are having a profound effect on some demographic sectors in the United States, which in turn are affecting trends in real estate. The upheaval began with the onset of the COVID-19 pandemic, but even as pandemic constraints have eased, elevated inflation, high interest rates, and other economic factors have continued to apply pressure on the market. The last few years have brought dramatic change in the world of commercial real estate, leaving many developers struggling to find firm footing.
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