Between 2018 and 2028, the number of households is projected to increase by up to 12 million. Generation X and millennials are expected to drive most of that household formation. As they replace dropped households over that time, the two generations could add nearly 25 million new households by 2028, according to the CoreLogic Insights Blog.
The largest cohort of millennial buyers have yet to surface on the market, researchers note. That segment, from ages 28 to 30, numbers nearly 15 million and is approaching the average age to buy a first home, 33 years old, CoreLogic reports.