Sociable

Thursday, September 30, 2010

Household size is growing in recession

This will reduce the number of buyers and and number of renters.  This puts downward pressure on rents and home prices
America’s census bureau has been publishing massive amounts of data from several, parallel surveys of the population in recent weeks. One of its more intriguing findings is that after shrinking for decades, households have started to grow. Last year the average household had 2.59 people, up from 2.56 two years earlier, marking the first increase since 1993.
This is not because parents are having more children. According to Julia Coronado and Yelena Shulyatyeva of BNP Paribas, a bank, it is because the children they have are taking longer to move out. They calculate that the proportion of adults aged 25 to 34 still living with their parents has risen to 13.4%, from 12.7% in 2008
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