There is a tool available from the federal government that anyone in the mortgage sales process, from company owner down to the individual sales person can use to help formulate their marketing plans for both the near and distant futures.
That is the information provided by the U.S. Census Bureau. It can be used to understand shifting patterns of residence as well as the future composition of the nation's population.
At the recent Mortgage Bankers Association convention in Chicago, demographer William Frey said there are two trends seen in the 2010 U.S. Census and other government survey. There will be an aging white baby boomer population juxtaposed with a younger, more diverse population. That more diverse population will be the majority in the U.S. by 2042, if not earlier, he said.
The largest growth among any one group between the 2000 and 2010 censuses was with Hispanics, who saw their population increase over 55%.
He also noted there was an absolute decline in the number of whites under the age of 18; the median age for whites is 41. There was also larger growth among the Asian American population than among African Americans.
Frey redefined the nation into three regions—Melting Pot America; the New Sunbelt; and the Heartland.
Melting Pot America consists of eight states, including New York, California, Texas and Florida, where the population is most diverse. Just one-third of resident are native born.
The New Sunbelt region consists of the fastest growing states—the Mid-Atlantic states between Virginia and Georgia, plus the Pacific Northwest and the Southwest, among others—while the Heartland states (27 in total) are the most homogenous (mostly white) in population.
Frey said more baby boomers are looking to age in their current area of residence. These areas, especially in the Heartland states, will need to create housing solutions for this group.
Among younger people, many are not migrating to other areas of the country because of the problems with the economy. Rather, they are staying where they are and exploring opportunities.
He said people do typically move, but in the heartland states, the growth in population will be because seniors aging in place.
