While the birth rate is currently below replacement rate, it wasn't 20-30 years ago when the now new homeowners were being born. US birthrate hit a local maximu

While the birth rate is currently below replacement rate, it wasn't 20-30 years ago when the now new homeowners were being born. US birthrate hit a local maximum in 2007, so that will continue to add pressure to housing demand over the next several years. Furthermore, life expectancy grew over the baby boomer population, so people are staying in their houses longer than before. Eventually we will get over this hump as the boomers pass away, and new homeowners decrease due to lower birth rate, but that doesn't help today.