The Baby Boomers will continue to dominate real estate and future business demand.
But two other segments also will have a big impact on housing, rentals and shopping centers: Immigrants and Generation Y, Stan Ross, chairman of the USC Lusk Center for Real Estate, told an Orange County gathering last week.
Speaking at the Lusk Center's Orange County briefing in Newport Beach, Ross outlined the following changes:
Immigrants to the U.S. now total 38 million, representing 12% of the U.S. population.
Asians and Latinos make up 80% of the foreign born population.
The combined population of Baby Boomers (aged 47 to 65) and members of Gen Y (aged 15 to 32) represent about 25% of the U.S. population.
Thirty-five percent of Gen Y own their own home, 37% are renters and 20% live with their parents.
By 2015, the single-family home will still be the preferred housing type among homeowners: 82% will prefer the house, vs. 9% opting for condos and 5% opting for townhouses or duplexes.
Ross also led a panel discussion that included a homebuilder, retail property manager and apartment manager.
Highlights of their comments are included here: http://bit.ly/k7gs3T