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Figure 12. Number of persons by generation by age cohort in 2010, <br />(millions of persons) <br />90 <br />80 <br />70 <br />60 <br />50 <br />40 <br />30 <br />20 <br />10 <br />0 <br />Baby Boom Baby Bust <br />5 224 25 44 1.15 +il <br />* Native Born 0 Foreign Born <br />5-24 25 44 <br />Age of Cohort <br />Echo Boom <br />5 24 <br />Source: State of the Nation's Housing, 2012. The Joint Center for Housing Studies of Harvard University, p. 16. <br />hftp://www.jchs.harvard.edu/research/state—nations—housing <br />It is unclear what housing choices the echo boomers will make. Some <br />studies suggest that their parents' negative experience in the housing <br />market, with housing values dropping so precipitously and so many <br />foreclosures, will make echo boomers less likely to become homeowners. <br />In addition, high unemployment and underemployment may decrease <br />echo boomers' earning power and ability to save for a down payment. It is <br />not clear, however, that echo boomers' housing preferences will be <br />significantly different from their parents over the long run. A 2011 survey <br />of housing preferences found that 86% of renters aged 18-34 believe that <br />they will eventually become homeowners.24 <br />24 Fannie Mae National Housing Survey, late 2011. Cited in The State of the Nations Housing 2012, <br />joint Center for Housing Studies. <br />Part 11 — Eugene Housing Needs Analysis ECONorthwest Page 49 <br />