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Raphael Dyen
A telescopic boom lift has a mast that extends in a straight line by using one or more telescoping boom sections. This design gives you the vertical reach you need to access overhead jobs, while also providing outstanding horizontal reach. Telescopic boom lifts can require more space to operate compared to articulating models, though they often reach higher and allow you to access work from a distance. This is especially helpful on job sites where difficult terrain or immovable obstacles prevent close-up access to structures.
The cohort born during the post-World War II baby boom in the United States, referred to as the baby boomers, has been driving change in the age structure of the U.S. population since their birth. This cohort is projected to continue to influence characteristics of the nation in the years to come. The baby boomers began turning 65 in 2011 and are now driving growth at the older ages of the population. By 2029, when all of the baby boomers will be 65 years and over, more than 20 percent of the total U.S. population will be over the age of 65. Although the number of baby boomers will decline through mortality, this shift toward an increasingly older population is expected to endure. By 2056, the population 65 years and over is projected to become larger than the population under 18 years.
This report examines changes in the U.S. population over the coming decades, with a focus on the baby boom cohort and its future role in shaping the demographic composition of the United States. The size and structure of this population will have implications for researchers, policy makers, health care professionals, and others seeking to anticipate the influence that this generation may have on the American landscape as they move into retirement and old age.
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In the chart below, we disaggregate the volume of mortgage originations into purchase and refinance mortgages. The COVID refinance boom, which we observe from the second quarter of 2020 through the fourth quarter of 2021, was spurred by a decline in mortgage interest rates of nearly 200 basis points from November 2018 to November 2020. The 2003 refinance boom was similarly spurred by an approximate 200 basis point decline, as was the mini-boom in 2013. But there are at least three characteristics that distinguished the recent boom in refinancing from earlier ones. First, in the 2020-21 pandemic years, interest rates were historically low; many homeowners took advantage of these low rates by extracting equity, reducing monthly payments, or shortening terms. Second, the rebound in mortgage interest rates, after reaching this low, was historically steep. This put a quick end to the surge in refinances. Finally, home equity was at an all-time high leading into the pandemic, and when home prices continued to rise, many borrowers had home equity to tap.
In the chart below, we depict the cash value of nominal equity extraction over time. Between the second quarter of 2020 and the fourth quarter of 2021, we estimate that $430 billion in home equity was extracted using mortgage refinances as shown in the chart below. The pace of equity extraction screeched to a halt when mortgage rates began climbing and quarterly equity extraction volumes were near historic lows in the first quarter of 2023, particularly as a share of disposable personal income, as shown by the red line below. That line also shows that while the recent pickup in cash out is noticeable, as a share of income it is not nearly as consequential as the 2002-05 refi boom.
In the end, fourteen million mortgages were refinanced during the COVID refinance boom, and these refinances will have effects on the mortgage market for years to come. Many borrowers who refinanced during the boom have improved either their cash flow, through a reduction in payments on their existing properties, or their liquidity by extracting equity from those properties. Approximately five million borrowers extracted a total of $430 billion in home equity from their refinancing. Meanwhile, nine million refinanced their loans without equity extraction and lowered their monthly payments, resulting in an aggregate reduction of $24 billion annually in their annual housing costs. The end of the most recent exceptionally low interest rate period leaves homeowners somewhat disincentivized to sell or change properties: Owners now looking to move will face increased borrowing costs and higher prices, with current home prices being more than 36 percent higher than they had been pre-pandemic. The improved cash flow generated by the recent refinance boom will potentially provide significant support to future consumption.
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