Sunday, October 11, 2020

U.S. Demographics: Largest 5-year cohorts, and Ten most Common Ages in 2019

by Calculated Risk on 10/11/2020 11:31:00 AM

IMPORTANT NOTE: The data below is based on the Census 2019 estimates. Housing economist Tom Lawler has pointed out some questions about earlier Census estimates, see: Lawler: "New Long-Term Population Projections Show Slower Growth than Previous Projections but Are Still Too High"

Six years ago, I wrote: Census Bureau: Largest 5-year Population Cohort is now the "20 to 24" Age Group.

Earlier the Census Bureau released the population estimates for 2019 by age, and I've updated the table from the previous post.

The table below shows the top 11 cohorts by size for 2010, 2019 (released this year), and Census Bureau projections for 2030.

In 2019, 8 of the top 10 cohorts were  under 40 (the Boomers will be fading away), and by 2030 the top 11 cohorts will be the youngest 11 cohorts (the reason I included 11 cohorts).

There will be plenty of "gray hairs" walking around in 2030, but the key for the economy is the population in the prime working age group is now increasing.

This is positive for housing and the economy.

Population: Largest 5-Year Cohorts by Year
145 to 49 years25 to 29 years35 to 39 years
250 to 54 years30 to 34 years40 to 44 years
315 to 19 years55 to 59 years30 to 34 years
420 to 24 years35 to 39 years25 to 29 years
525 to 29 years20 to 24 years5 to 9 years
640 to 44 years15 to 19 years10 to 14 years
710 to 14 years10 to 14 yearsUnder 5 years
85 to 9 years60 to 64 years15 to 19 years
9Under 5 years50 to 54 years20 to 24 years
1035 to 39 years45 to 49 years45 to 49 years
1130 to 34 years5 to 9 years50 to 54 years

2016 Population by Age
Click on graph for larger image.

This graph, based on the 2019 population estimate, shows the U.S. population by age in July 2019 according to the Census Bureau.

Note that the largest age groups are all in their mid-20s.

And below is a table showing the ten most common ages in 2010, 2019, and 2030 (projections are from the Census Bureau).

Note the younger baby boom generation dominated in 2010.  By 2019 the millennials have taken over and the boomers are off the list.

My view is this is positive for both housing and the economy, especially in the 2020s.

Population: Most Common Ages by Year