In Miami and nationwhide, the housing crisis that has dominated the country since 2008 has forced many people of all age groups to delay buying a house. However, almost everyone still strives to own a home, which continues to be a major component of the American Dream.

The National Association of Realtors predicts changing demographics of the American population will highly influence the coming shifts in housing trends for the next two decades. And instrumental in this change will be echo boomers.

“Echo boomer” is the moniker given to the group of people born between 1978 and 1994, making them between the ages of 18 and 34. Also known as “millennials”, they constitute 31 percent of all recent home purchases, according to statistics released by the NAR. These numbers, compiled by the NAR Profile of Home Buyers 2011, suggest that the future of the housing market will largely rest upon this group.

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But there are other influences, as well. As those 65 and over begin to give up their homes and move in with extended family or into assisted living facilities, more and houses will leak into the inventory of home available to buyers. Even for those over 65 who are able to live on their own, they will be seeking more affordable and, too, more accessible housing. This will also add homes to the pool.

The housing recovery may not happen quickly, as the continued floundering economy will prohibit otherwise-ready buyers from pulling the trigger like they might have in years past. Because of these struggles, the demand for rental housing may rise more than the demand for buying, especially in the short-term. But it is thought that the echo boomers symbolize the long-term opportunities that will produce the eventual recovery.

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Echo boomers represent a new dawn for the future of America in many ways. First is their numbers: with nearly 65 million people, they are more than 20 percent of the entire population. Second, they are mostly a college-educated group, seeking jobs and concerned with their professional careers. This means they could stay single longer than previous generations as a group did. Third, this group is the most racially and ethnically diverse in American history. Whereas the baby boomers, those between the ages of 45 and 65, are more than 65 percent white, the echo boomers are only 55 percent white.

Because many echo boomers are still in high school and college, it would seem that the group as a whole is not buying homes at the rate previous generations have. This would seem to be the case especially given the current economy and market conditions. However, the reality may not be true, according to recently released data.

According the American Community Survey, there are signs that homeownership has increased among echo boomers compared to when baby boomers were the same age. In fact, according to the NAR, there are 900,000 echo boomer homeowners; at the same age, there were only 500,000 baby boomer homeowners.

In the end, though, industry experts expect that even though echo boomers will probably rent first, thereby causing a delay of several years in the rise of homeownership levels for this group, they certainly exemplify the future of homeownership.

Eager to get started searching for homes? Start here to find your Miami Condo or Home for sale.

The Kleer Team is committed to helping clients acheive their dreams of homeownership. Allan Kleer and his team are most known for their high profile work representing celebrities. But the team also vigoriously represents many first time homebuyers. Schedule an appointment today here.