Key word living though, right? This is because folk have, well, died?

I don't fully understand how the millenial population can go up between 2019 and 2033 on that chart.

FTA: "The Millennial generation continues to grow as young immigrants expand its ranks"

Ah, that makes sense.

American baby boomers are worth, on average, something like $1.2M depending on your source. That's a lot of retirement capital that will be leaving various markets and chasing goods and services over the next few decades.