Page 66 - enLIGHTenment December 2016

2017 Forecast

HomeowneRSHip RaTe FoR THe UniTed STaTeS

(%)

70

69

68

67

66

65

64

63

62
1965 1970
1975 1980 1985
1990 1995
2000 2005 2010 2016

Chart Credit: S. Surprisingly it’s not a ma er of Millennials choos- their parents were and will continue to in uence
ing to rent rather than own. According to an article the housing market albeit in a di erent way than
Bureau of the Census,
Homeownership Rate in the The Chicago Tribune last month, one-third when they were growing their families. They have
for the United States
retrieved from FRED, of people age 18 to 34 are living with their par- a more sophisticated style and want options and
ents. Furthermore, the article cited a report from choices in their homes. Some are selling their
Federal Reserve Bank
of St. Louis
the Pew Research Center that noted young adults homes and moving to luxurious age-restricted
have replaced the elderly as the age group most communities while others are redesigning their

likely to live in multigenerational households.
homes with the idea of aging in place.

The reason Millennials are not buying homes is Builders who cater to this market segment are
varied. Some blame the rising cost of renting/own- aware of these needs and are incorporating rst

ing, others point to staggering student loan debt oor bedrooms and bathrooms, wider hallways
and lower starting salaries than in years past. That and doorways, and be er lighting choices to

said, members of the Millennial generation will still meet the needs of seniors by adding more light-

be furnishing their living areas with quality prod- ing xtures in areas such as under cabinets and in
ucts, wherever they are living in an apartment, a staircases as well as multiple switches for easier

home, or mom’s basement.
access from multiple points in a room.
Recognizing these shi s going on in the The housing stats for Millennials, however, is

homebuying market will be important to lighting daunting. Homeownership rates for Americans

showroom sta as their consumer demographic under age 35 is relatively half the national num-
changes. 
ber, coming in at 34.1 percent of the market.

According to the National Association of Home

Builders (NAHB), Boomers are more active than

their parents were and will continue to in uence the

housing market albeit in a di erent way than when

they were growing their families.

64 enLIGHTenment Magazine | DeceMber 2016 www.enlightenmentmag.com