Baby boomers, otherwise known as the "me" generation, are going to continue to influence marketers and the real estate industry for decades to come.
The U.S. Census Bureau estimates that by 2025, approximately 35 percent of the nation's population will be 50 or older, versus just 28 percent in 2000. According to information on the Seniors Real Estate Specialist Website, there are now more than 33 million Americans 65 or older, representing nearly 13 percent of the population.
According to the latest information by the U.S. Census, , the oldest of the baby boomers, the generation born between 1946 and 1964, are turning 60 years old. Among the Americans celebrating their 60th will be our two most recent presidents, George W. Bush and Bill Clinton. Other well-known celebrities reaching this milestone include Cher, Donald Trump, Sylvester Stallone and Dolly Parton.
To commemorate this milestone, the Census Bureau has compiled an interesting list of facts:
- How has the population grown? The estimated U.S. population in 1946 was 141 million. Today, the nation's population stands at about 298 million.
- By 2025, approximately 35 percent of the nation's population will be 50 or older, versus just 28 percent in 2000.
(Editor's note: according to information on the Seniors Real Estate Specialist Website, there are now more than 33 million Americans 65 or older, representing nearly 13 percent of the population.)
- How many baby boomers are there? About 78.2 million as of July 1, 2005.
- How many people are turning 60 each day? About 7,918, say projections. That amounts to 330 every hour.
- What were the most popular names for boys and girls in 1946? James and Mary. Today, the names Jacob and Emily lead the list; James ranks 17th among boys and Mary is 63rd among girls. (Source: Social Security Administration, click here )
- What percentage of baby boomers are women? About 50.8 percent.
(Editor's note: By 2050, there will be approximately 6.9 million more women than men of all ages, which will influence housing and development.)
- What percentage of baby boomers are black? In 2004, there were about 9.1 million black baby boomers. Also, there were about 8.0 million Hispanic baby boomers.
- Which states have the most/fewest boomers? The proportion of Alaska's population that are boomers is 32 percent. Baby boomers also comprised 30 percent or more of the population in New Hampshire, Vermont and Maine. In contrast, Utah (23 percent) was the only state where baby boomers constituted less than 25 percent.
- How well are we educated? The proportions of adults age 25 and older with at least a high school diploma and at least a bachelor's degree, respectively, in 1947, was 33 percent and 5 percent. By 2004, the respective proportions had risen to 85 percent and 28 percent.
- What about health issues? The average annual expenditures on health care in 2004 for people ages 45 to 54 -- the age group that is the heart of the baby boom generation -- was approximately $2,695. When budgeting medical expenses, baby boomers should expect increased health-care spending as they age; for instance, those age 55 to 64 spent $3,262 and those 65 and over, $3,899. (Source: Bureau of Labor Statistics, click here )
- What about Social Security? The number of workers for each Social Security beneficiary in 2031 will be 2.1, when all baby boomers will be over age 65. Currently, there are 3.3 workers for each Social Security beneficiary. (Source: Social Security Administration, click here )
- Where about continuing care? There were 4,041 continuing care retirement facilities in 2003. Many boomers could have parents in need of such facilities or may have to move into such a facility themselves in the future. (Source: Census Bureau, click here )
- How long will boomers be a majority-minority? The number of baby boomers living in 2030 is projected to be about 57.8 million; 54.9 percent would be female. That year, boomers would be between ages 66 and 84.
