It has been five years since the height of the market, and the housing industry is still trying to fight its way out of the downturn. The recession and unemployment have already placed severe pressure on homeownership rates and now the industry may actually be facing another major hurdle.
Here’s the problem. Baby boomers are getting older. Generation Y is now approaching the age in which Boomers bought their first home. Yet Generation Y doesn’t attach the same value as Baby Boomers do to owning a home. So what happens if they don’t buy – at least, not in the same numbers?