According to May 2014 U.S. Census figures, the number of “baby boomers” (defined as those born between 1946 and 1964) peaked in 1999 at 78.8 million and comprise the largest generation in U.S. history. Currently numbering 74.9 million according to the Pew Research Center, roughly 10,000 baby boomers turn 65 every day and will continue to do so until 2029. By 2030, when all of the baby boomers are 65 or older, fully 20% of Americans are projected to be 65 or older. Importantly, baby boomers hold approximately 67% of the total net worth of all U.S. households, according to Baby Boomers News.
According to the Pew Research Center, “Millennials,” or Generation Y members, are generally defined as those born between 1981 and 1997 and currently number 75.3 million people. This is the second largest demographic population cohort in U.S. history and with migration adding more members to its group than any other, Millennials are projected to peak in 2036 at 81.1 million. Members of this demographic generally have different psychographics than previous generations, and often have different real estate needs than those of previous generations.
There are approximately 54 million documented Hispanic Americans comprising approximately 17% of the U.S. population, according to the U.S. Census. Hispanics are the largest minority group in the U.S., and their numbers continue to increase. The purchasing power of Latinos, projected to reach $1.5 trillion in 2015, is growing faster than the national average, according to Goldman Sachs Research.