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LATER LIFE MILESTONES ARE REDEFINING U.S. HOMEOWNERSHIP
THE NEW NORMAL OF FAMILY FORMATION
The demographic makeup of U.S. households is shifting, slowly but decisively. Fewer people are starting families, and those who do are waiting longer. These aren’t temporary fluctuations; they reflect structural societal shifts that are reshaping housing demand. The U.S. recorded 3.6 million births in 2024; the lowest since 1983, and down from 4.3 million in 2007. Crucially, this drop has occurred despite a much larger total population, underscoring that Americans are not simply delaying family formation; many are forgoing it altogether. THREE SHIFTS DRIVING THE CHANGE
LIFE MILESTONES ARE NOW MIDLIFE MOMENTS Across generations, we’re seeing a clear trend: life’s key transitions are happening later, which affects when Americans enter the housing market.
IMPLICATIONS FOR HOUSING STRATEGY Short-Term: Expect increased rental demand. The average age of a first-time homebuyer is now 38, which is up significantly from 31 just a decade ago. Long-Term: The under-18 population is projected to decline by 3% by 2034. Fewer children today mean fewer household formations tomorrow. Opportunity: Despite demographic headwinds, key homebuying segments (Millennials and early Gen Z) will still grow in absolute terms, presenting real opportunities for those who align products with delayed-but-stronger demand. |
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