The US population is growing, driven by the large Generation Y cohort of 78 million aged 15-30 in 2015. Over the next 15 years, Generation Y will be in their prime home-buying years, creating extraordinary demand for housing. They will initially need one-bedroom condos and townhouses as they enter the housing market, and will later demand larger single-family homes as their housing needs change and families grow. Developers and investors should act now to meet the housing needs of this huge demographic over the next 15 years.