From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. Source: Wall St. Journal
A record 57 million Americans—or 18.1 percent of the population—lived in multi-generational households in 2012, according to an analysis of Census data by the Pew Research Center. Overall, the share of Americans living in multi-generational households continues to climb, and the recession accelerated the trend.
Making sense of the story
- The number of multi-generational households has doubled since 1980.
- The arrangement of having multiple generations together under one roof spiked during the Great Recession of 2007-2009 and has kept growing in the post-recession period, albeit at a slower pace.
- Young adults ages 25 to 34 have been a major component of the growth in the population living with multiple generations since 1980—and especially since 2010.
- By 2012, roughly one-in-four of these young adults (23.6 percent) lived in multi-generational households, up from 18.7 percent in 2007 and 11 percent in 1980.
- In recent years, younger adults have surpassed older adults who live in multi-generational households. In 2012, 22.7 percent of adults ages 85 and older lived in a multi-generational household, which is just shy of the 23.6 percent of adults aged 25 to 34 in the same situation.
- Among young adults, men are significantly more likely than women to be living in multi-generational households.
- Racial and ethnic minorities generally have been more likely to live in multi-generational family arrangements, and their numbers have grown with increased immigration since the 1970s. In 2012 about one-in-four Hispanics and blacks lived in a multi-generational household.
Talking Points …
- Lower interest rates and stabilizing home prices combined to boost home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). However, diminished home affordability remains a challenge for buyers, particularly in high cost areas of the state.
- Sales in June increased 1.5 percent from a revised 389,060 in May but were down 4.8 percent from a revised 414,830 in June 2013. June marked the eighth straight month that sales were below the 400,000 level and the eleventh straight decline on a year-over-year basis.
- The statewide median price of an existing, single-family detached home slipped 2 percent from May’s median price of $466,320 to $457,160 but was up 6.6 percent from the revised $428,700 recorded in June 2013. The statewide median home price has increased year over year for the previous 28 months, marking more than two full years of consecutive year-over-year price increases.