Millennials Overtake Boomers in 2015

Watch out Boomers, Millennials rule the roost now.

Millennials outnumber Baby Boomers as the largest generation. Millennials (ages 18 to 34 in 2015) are estimated to number 75.3 million, surpassing the projected 74.9 million Boomers (ages 51 to 69).

The Millennial generation increases in size as young immigrants expand their ranks. Boomers — a generation defined by the boom in U.S. births following World War II — are growing older, shrinking in size as the number of deaths exceed the number of older immigrants arriving in the country.

When looking at the dynamics of generations, it takes to develop the precise boundaries separating one generation from another. The Pew Research Center has established that the oldest “Millennial” was born in 1981. It will take similar analysis to define when the youngest “Millennial” was born or even when a new generation begins. The census numbers assumes the youngest “Millennial” was born in 1997.

Let’s take a look at these generational projections…

Millennials- The Big Group in Town (or country)

The Census Bureau projects that the Millennial population was 74.8 million in 2014. By 2015 Millennials will increase in size to 75.3 million and become the biggest group. With the most immigration adding to its group, the Millennial population is projected to peak in 2036 at 81.1 million.

Gen Xers- The Middle Child

The Gen Xers are projected to remain the “middle child” of generations for a few more years — caught between two larger generations of the Millennials and the Boomers. Gen Xers were a product of a period when Americans were having fewer children than later decades. Though the oldest Gen Xer is now 50, the Gen X population will still grow for a few more years. The Gen X population is projected to outnumber the Boomers in 2028. The Census Bureau projects that the Gen X population will peak at 65.8 million in 2018.

Baby Boomers- Slowly Fading?

Baby Boomers have always had an outsized presence compared with other generations. They were the largest generation and peaked at 78.8 million in 1999. There were a projected 75.4 million Boomers in 2014. By mid-century, the Boomer population will dwindle to 16.6 million.

Take a look at this a fact-rich excerpt about millennials written by Richard Fry: http://www.pewresearch.org/fact-tank/2015/01/16/this-year-millennials-will-overtake-baby-boomers/

image from Huffington Post