Yesterday we talked about the real estate trends we can expect in 2014, and in that mix we talked about Echo Boomers. But who is this generation of newcomers? While we did touch on the huge impact these individuals are going to have on the market in the coming year, we didn’t delve a great deal into who they are and how they live. And of course, we know that all of that information will also have a big impact on the market. So today, we’re going to look deeper into this generation, and see just exactly who makes it up, and how they think and act.
- Echo Boomers are made up of the generation born between 1982 to 1995. As their generational name implies, they are the children of the Baby Boomers, which may make the timelines more of an average than firm dates.
- This generation is the largest in history since the Baby Boomers. That makes sense, as the Baby Boomers were the largest generation and many of them had more than one child. There are approximately 80 million Echo Boomers.
- Echo Boomers are also called Millennials.
- After the housing market in the United States collapsed, the Echo Boomers held the highest unemployment rate out of all U.S. demographics.
- As of 2009, the average household income for Echo Boomers was $58,620.
- Those in this generation are also sometimes called “Internet babies” as they rely on the Internet and technology for many things in their lives such as getting the news and communicating. It’s for this reason that Echo Boomers are also considered to be more isolated than any generation before them.
- Ironically however, Echo Boomers largely define themselves through their relationships with other people.
- 90 per cent of Echo Boomers over the age of 18 have access to the Internet. 75 per cent are active on social networks, and 40 per cent of them have no land line.
- Perhaps it’s for that reason that, as of 2009, only 21 per cent of Echo Boomers in the United States were married.
- And perhaps that’s also why they go to church less and are much less religion than other generations.
- Echo Boomers value time over money, and they also put greater value on their social relationships than they do their work.
- That being said, location is important to them when it’s time for them to pick out a home. Most prefer smaller lots that are close to their workplace.
Many of these stats and figures come from the United States, but we don’t think it’s a big stretch to consider that they’re probably very close to the same as what we’re seeing in this country.