According to a recent report released by Harvard University’s Joint Center for Housing Studies, the echo boomers are set to give the housing market a huge jolt- once they “”gain their footing””.
If you’re wondering who exactly the Echo Boomers are, you’re not alone. Once thought of as part of “”Generation Y“”, other times dubbed “”Millenials””, the study’s definition of an Echo Boomer is someone that was born between 1981 and 2000 (others define it as 1979-1990). They represent one of our nation’s largest population booms- larger even than the post World War II baby boom- and our friends at Harvard are convinced that these Echo Boomers will drive the housing market some day soon.
But before all of you Realtors and home builders go out befriending this generation, just remember that some of them are still children. With lenders tightening their standards, it’s unlikely that the nine year old down the street is going to buy a house from you. Won’t say it’s impossible, but it is unlikely. This study looks pretty far forward, and while it does suggest that conditions are right for a strong recovery, there’s no indication that hanging out on MySpace with a bunch of 15 year olds chatting about “”spacious master suites”” and “”stunning kitchen renovations”” will do anybody any good.
To read a summary of the study, click here.
To watch Steve Kroft- the “”echo boomer”” of the 60 Minutes Staff- do a report on Echo Boomers, click here.