Back HomeCould Adult Kids Living At Home Now Lead to a Housing Shortage Later?
October 13th, 2011 by keithandkinseyI tend to be more optimistic on the housing market than a lot of people. Of course, maybe that’s because our real estate business has been growing in a down market, or maybe it’s because the Madison area hasn’t been hit as hard as the rest of the country. In any case, I heard some interesting statistics the other day that made me a little more optimistic about the future of housing once the job market starts to turn around.
According to the US Census about 15% of our population is made up of people between the ages of 24 and 34. There has been an overwhelming spike in people of this age group living with their parents. In fact, about 13.5% of this age group still lives at home (or has boomeranged back home). This is likely due to the employment factors we have seen in the recent years.
Once this economy really starts to recover, this age group will have an easier time finding good employment, and they will start moving out of their parents homes again. This combined with an ever growing population, and a lack of new construction could eventually lead to a housing shortage.
Of course, I have no idea how long it’s going to take to cycle through, but I do believe we are eventually going to see a shortage in housing. We’ll see in a few years.
