Data from the 2010 U.S. Census confirms what supporters of reverse mortgages have been saying regarding the need and audience for the product. The 65 and older group makes up 13% of the nation's population, while the next generation of reverse mortgage users, those between 45 and 64, are over 26% of the population.
Between 2000 and 2010, the portion of the population considered senior citizens grew by 15% and now is over 40 million of Americans. The 45 to 64 year olds grew by nearly 32% during the decade and now number nearly 82 million people. This growth was due to the Baby Boomers.
The median age of Americans, which grew by 2.4 years between 1990 and 2000, grew by 1.9 years the next decade and is now 37.2 years old. The Census Bureau says the aging of the Baby Boomer generation, along with stabilizing birth rates and longer life expectancy contributed to the increase in median age.
There are seven states where the median age is over 40. From No. 1 down, they are: Maine, Vermont, West Virginia, New Hampshire, Florida, Pennsylvania and Connecticut. Every state saw its median age increase when compared with 2000 Census data.
By region, the median age in the Northeast is 39.2, followed by the Midwest at 37.7, South at 37.0 and West, 35.6. Almost 28% of the people in the Northeast are between the ages of 45 and 64, while 14% are 65 or older.
