Households have been getting a lot cozier lately – and not because the winter months are approaching and the heat has been turned up and throw blankets laid out. Rather, the troubled economy has caused many Americans to stay snug by living under the same roofs as they did when they were children. This bundled-household trend is here to stay, it seems, even as the economy begins to makes its recovery.
According to statistical information on demographics and the development of households, America currently has an estimated 1.8 fewer households today than it would if the economic outlook were steadier. Most of that loss in establishing households is attributed to the 15-34 year old age group; demographics indicate that there should be about 1.1 million more households run by Americans in this age range than presently exists.
Because of this, a historically high number of individuals are still living with either their parents, relatives, or friends. According to information compiled by the Census Bureau, there are about 17.2 million adult children shacking up with their parents, compared with 15.3 million in 2007 when the recession first hit. Unemployed adult children account for the largest portion of Americans calling their parents roommates.
More than doubling since 2007, the number of unemployed adults living with their parents has risen from 1.3 million to 2.5 million as of this year, proving in hard numbers that the economy is responsible for fewer household units.
About Colony Title Associates:
Founded almost two decades ago, Colony Title Group handles in over 2000 real estate closings per year in the central Maryland area. Company founder Tee Tillman has over 23 years experience in the title and real estate law fields. At Colony, we handle closings for several lenders, including banks, credit unions and mortgage brokers. Colony Title is the preferred choice for many real estate brokers in the area.