U.S. Demographics Support Continued Housing Demand

Demographics of U.S. apartment renters demonstrate continued support for housing demand, based on several layers of data analyzed by RealPage.

First, the total amount of people in the U.S. per age is tracked by the U.S. Census Bureau. From there, it’s helpful to put the U.S. population into context of generations. Millennials were born between 1981 and 1996, according to Pew Research Center. Also according to Pew, the Silent Generation was born between 1928 and 1945, followed by Baby Boomers, born between 1946 and 1964. Generation X was born between 1964 and 1980, followed by Millennials. Generation Z was born between 1997 and 2012, followed by Generation Alpha, which was born from 2013 and on.

Baby Boomers peaked at a total population of about 78 million, or 13.5 million more than Gen X. Conversely, Millennials peaked at 73 million, or about 5 million more than Gen Z.

The median age of apartment renters in the U.S. is 32, according to RealPage. The median age for first-time home buyers in the U.S. is 35, according to National Association of Realtors.

While Gen Alpha might look comparatively smaller, keep in mind that immigration usually happens later in life. The population of Gen Alpha will likely expand more than the birth rate would suggest as that cohort ages into adulthood.