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Thursday, April 13, 2023

U.S. Demographics: Largest 5-year cohorts, and Ten most Common Ages in 2022

by Calculated Risk on 4/13/2023 02:35:00 PM

Nine 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 July 2022 by age, and I've updated the table from the previous post.

The table below shows the top 10 cohorts by size for 2010, 2022 (released recently), and the most recent Census Bureau projections for 2030.

In 2022, the top 6 cohorts were under 45 (the Boomers are fading away), and by 2030 the top 10 cohorts will be the youngest 10 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.

As I noted in 2014, this was positive for apartments, and more recently positive for housing.

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

2021 Population by Age
Click on graph for larger image.

This graph, based on the 2022 population estimate, shows the U.S. population by age in July 2022 according to the Census Bureau.

Note that the largest age group is in the early-to-mid 30s.  There is also a large cohort in their early 20s.

And below is a table showing the ten most common ages in 2010, 2021, and 2030 (projections are from the Census Bureau, 2017).

Note the younger baby boom generation dominated in 2010.  In 2022 the millennials had taken over and the boomers are off the list.

This is why - a number of years ago - I was so positive on housing.   And this is a positive for the economy.

Population: Most Common Ages by Year

IMPORTANT NOTE: The data above is based on the Census 2022 estimates and 2017 projections. 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"