A growing trend: multi-generational living has made a comeback, and it is not just the Grandparents moving in. Interesting articles on how the times have changed the living situations for three generations of Americans. The Baby Boomers will have a reason to keep their larger homes for awhile longer.
Impact on U.S. Housing Market Demand of Boomerang Students Returning Home
Oct 29, 2012 - 06:36 AM
According to a study by the U.S. Census Bureau Multigenerational households on rise in U.S.
More than 4.3 million, or 5.6 percent, of the 76 million family households in the U.S. today are multigenerational households, or families living together that include a grandparent, parent and children as well as other family members, according to a study by the U.S. Census Bureau's American Community Survey.
- 3.7% in 2000
- 4.0% in 2010
- 5.6% in 2012
There was only a gain of .3% in the 10 years between 2000 and 2010, but a gain of 1.6% in the next two years.
That small 1.6% increase represents a decrease in demand of 1.216 million homes.
However, those survey results are for three generations and thus do not include all the kids graduating from college, with no job, and moving back home.
Boomerang Students Return Home
Boomerang kids with no jobs returning home has an even greater impact on housing demand. CNN Living discusses the "boomerang" effect in College grads and their families learn to live together.
More than half of college graduates move back home, sociologist Katherine Newman wrote in her book, "The Accordion Family: Boomerang Kids, Anxious Parents, and the Private Toll of Global Competition," based on surveys conducted worldwide. Read More>
Five Survival Tips For Parents With 'Boomerang' Kids
Sheryl Nance-Nash, Forbes Contributor
(Photo credit: kamalaboulhosn)
At graduation ceremonies across the country parents will be crying for many reasons, the parental pride, a job well done, and all that good stuff. But for many, those tears won’t be wet with sentimentality, but with a bit of angst — their kids will be coming back home. According to some reports, 80 percent of college students are returning home to mom and dad after graduation.
“The parental expectation of having an empty nest is increasingly giving way to the reality of a crowded nest, thanks to the boomerang effect,” says Jacob Gold, a retirement coach with ING.
Photo courtesy of: www.freerangestock.com
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