So the US Census stats are out and the term “middle age” in every state, D.C. and Puerto Rico is on the rise due to longer life spans. The following median ages are found for the MRIS market area: D.C.: 33.8, Maryland: 38, Virginia: 37.7, WVA: 41.3, Pennsylvania: 40.1 and Delaware: 38.8. The US media is 35.9 years old.
Other changes in the stats may have an impact on the real estate business. For instance, according to the 2010 Census, the median age for a first marriage is 28.2 for men and 26.1 for women. In 2000, men were getting married at 26.8 and women were getting married at 25.1. Will this trend in household formation extend to slower real estate sales?
On the other hand we see an increase of 9.7% from the official US population count in the 2000 decennial census. That’s a very high rate of growth for a developed country compared to other nations such as Japan, European countries or even China. Might this provide a counterbalance?
So the good news is that while we are aging as a nation, we are also growing both in absolute size and the size of our young population. And immigration and job creation initiatives drive population and wealth creation in our country.
We’ll keep a close eye on this topic in the future and, in concert with our analytics company, RBI, we will continue to bring news items of interest to your attention in order to help you grow your business in light of these trends.