We’ve been researching Northern Colorado’s aging demographic and the impact it will have on housing. Here are some interesting facts…
- The number of people between 65 and 90 years old will grow by 124% in the next 20 years.
- In 20 years there will be roughly 40,000 more people between the ages of 65 and 90 than there are today.
What does this mean for housing?
- Let’s assume that as people reach their 70’s and 80’s, they will most likely move from their current housing situation to a new one
- Let’s also assume that two people live in each of these households (it may be even less, but we will use two for this illustration)
- If 40,000 shift to this demographic that means that these people are moving from 20,000 housing units into another 20,000 housing units
So the impact to our real estate market will be huge- many homes coming on the market and many new housing units needed.
This is a dynamic I am focused on and will continue to watch closely.