Baby Boomers are individuals who were born during the years after World War II, generally defined as 1946–1964. This group represents a sizable portion of the consuming public, and their spending habits and lifestyle have a powerful influence on the economy.
A census tract is a geographic region defined for the purpose of taking a census, which is typically delineated by the U.S. Census Bureau to capture detailed demographic data about residential areas.
Demographics relate to the characteristics of a population such as race, sex, age, household size, growth, and density, which influence market trends and demand in real estate. Understanding demographics is essential for developers to make informed decisions about new projects and strategic marketing.
Echo Boomers represent the children of Baby Boomers, born from the mid-1970s to the late 1980s. Also known as Generation Y or Millennials, this group formed a significant demographic and influenced housing demand, especially between 1995 and 2006.
A family in real estate terms refers to a household consisting of two or more related people, typically living together. Understanding the definition and dynamics of a family is crucial in demographics, housing statistics, and the formulation of housing policies.
Generation X refers to the population cohort born between the early 1960s and early 1980s. This group followed the Baby Boomers generation and has distinct demographic and socio-economic characteristics.
Market segmentation is the process of defining the socioeconomic characteristics of the demand for a specific property or properties. It helps in identifying and targeting the right audience for real estate projects and listings.
The designated city within a Metropolitan Statistical Area (MSA) or Micropolitan Statistical Area (µSA) that serves as the primary city or city center. This designation is used for demographic, economic, and planning purposes.
PRIZM (Potential Rating Index for Zip Markets) is a market segmentation tool utilized by marketers to identify target demographics for various products and services. Developed by Claritas, it categorizes populations based on socioeconomic data, housing, and lifestyle attributes.
A demographic and geographic area characterized by higher population density and vast human features in comparison to the areas surrounding it, typically defined by the U.S. Bureau of the Census as a community with a population of 2,500 or more.
