3.6 million babies were born in 2024, down from the peak of 4.3 million in 2007, marking a 40-year low. This is especially significant because the US population has grown by approximately 108 million people since 1983.
Changes in family formation are part of a broader trend where major life events happen later. Among today’s 30-year-olds:
- 70% live independently (down from 83% in 1984).
- Only 48% have been married (down from 78% in 1984).
- Only 33% own a home (down from 47% in 1984).
These shifts didn’t just start recently. Each generation since the baby boomers has reached these milestones later than the previous one.
Americans are waiting significantly longer to purchase homes. The typical first-time homebuyer is now 38 years old, compared to 33 in 2020 and an average of 31 between 1993 and 2018. This delayed homeownership creates increased rental demand, with 72% of US renters now age 30 or older—an all-time high.
Source: John Burns Research
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