Below is an excerpt from a new Demography Unplugged research note written by Hedgeye Demography analyst Neil Howe. Click here to learn more and subscribe.
|
At a median age of 31, Millennials’ share of the U.S. housing wealth is a mere 4%. When Boomers and Gen Xers were at a median age of 35, they owned 31% and 9%, respectively—figures suggesting that Millennials aren’t likely to catch up to anytime soon. (The Washington Post) |
NH: Consider this an update to our earlier story about generational differences in wealth ownership. (See "Trendspotting 12/16/19, Keyword: Wealth.") That earlier story looked, by generation, at ownership of all wealth (total net worth by household). This story looks just at real-estate wealth--valued owned, not netting out mortgage liens on property.
Important: These Fed numbers may be flawed. But if they are anywhere close to the truth, the bottom line is stunning.
This story is so important that we are going to release an in-depth report on these numbers later this week. Stay tuned for further analysis.
* * *
ABOUT NEIL HOWE
Neil Howe is a renowned authority on generations and social change in America. An acclaimed bestselling author and speaker, he is the nation's leading thinker on today's generations—who they are, what motivates them, and how they will shape America's future.
A historian, economist, and demographer, Howe is also a recognized authority on global aging, long-term fiscal policy, and migration. He is a senior associate to the Center for Strategic and International Studies (CSIS) in Washington, D.C., where he helps direct the CSIS Global Aging Initiative.
Howe has written over a dozen books on generations, demographic change, and fiscal policy, many of them with William Strauss. Howe and Strauss' first book, Generations is a history of America told as a sequence of generational biographies. Vice President Al Gore called it "the most stimulating book on American history that I have ever read" and sent a copy to every member of Congress. Newt Gingrich called it "an intellectual tour de force." Of their book, The Fourth Turning, The Boston Globe wrote, "If Howe and Strauss are right, they will take their place among the great American prophets."
Howe and Strauss originally coined the term "Millennial Generation" in 1991, and wrote the pioneering book on this generation, Millennials Rising. His work has been featured frequently in the media, including USA Today, CNN, the New York Times, and CBS' 60 Minutes.
Previously, with Peter G. Peterson, Howe co-authored On Borrowed Time, a pioneering call for budgetary reform and The Graying of the Great Powers with Richard Jackson.
Howe received his B.A. at U.C. Berkeley and later earned graduate degrees in economics and history from Yale University.
