There are four distinct categories of age groups in the US; baby boomers, Gen x and Millennials (Gen Y.2 and Geny.2) and Gen Z. Here is the breakdown as to how many there are in each group.
As of 2019, the breakdown by age looks like this:
- Baby Boomers: Baby boomers were born between 1944 and 1964. They’re current between 55-75 years old (76 million in U.S.)
- Gen X: Gen X was born between 1965 -1979 and are currently between 40-54 years old (82 million people in U.S.)
- Gen Y: Gen Y, or Millennials, were born between 1980 and 1994. They are currently between 25-39 years old.
- Gen Y.1 = 25-29 years old (31 million people in U.S.)
- Gen Y.2 = 29-39 (42 million people in U.S.)
- Gen Z: Gen Z is the newest generation to be named and were born between 1995 and 2015. They are currently between 4-24 years old (nearly 74 million in U.S.)
Additionally, there are another approximately 22 million Americans over the age of 75 who are parents of Boomers.
This means there are currently more than 250 million Americans who are over the age of 25 years old. The average age of a first time home owner is 32 years old and there are 127.6 million homeowners. As of 2018 the National Association of Realtors stated the average homeowner moves every 13.3 years. (It actually is every 4 years once they get past 78 years old).
The William C Huff Companies track each and every move it does since 1990. Our last year’s average local move costs were $3600 and with average of 2 people per household, this amounts to over $300 billion in moving costs over the next 26 years! Additionally, our records indicate that our clients’ will spend about 20% more for storage, which will add another $60 billion in storage revenue.
Working with just 5% of the wealthier homeowners, it is anticipated that William C Huff a target market of about $18 billion over 26 years or, about $1.5 billion per year. Converting just 10% of this potential would net $150 million/year.