Baby boomers
Baby boomers started entering retirement in the mid-2000s and have already begun withdrawing their investments. Any economic activities that depend on the cheap capital courtesy of the baby boomers will cease to be. However, in 2018, a large portion of the older Baby Boomers (65–72 years of age) in the United States remained active in the labor force (29%), compared to the Silent Generation (21%) and the Greatest Generation (19%) when they were the same age, the Pew Research Center found by analyzing official labor statistics. The labor participation rate of women aged 65 to 72 in 2018 was 25% and of men of the same age group was 35%. This trend follows from the general expectation of Americans to work after the age of 65. The Baby Boomers who chose to remain in the work force after the age of 65 tended to be university graduates, whites, and residents of the big cities. That the Boomers maintained a relatively high labor participation rate made economic sense because the longer they postpone retirement, the more Social Security benefits they could claim, once they finally retire. Among the Boomers who have retired, a significant portion opts to live in the suburbs, where the Millennials are also moving to in large numbers as they have children of their own. These confluent trends increase the level of economic activities in the American suburbs. Moreover, during the late 2010s, Millennials and seniors in the U.S. were driving up demand for affordable housing outside the major cities; to prevent another housing bubble, banks and regulators have restricted lending to filter out speculators and those with bad credit.