More Adults Move in With Relatives
Nearly 1 in 3 adults — or 30 percent — live with their relatives, according to a new study. The cohabitation is known as “doubling up,” and it has risen to levels not seen since the Great Depression, according to a survey of 3,000 home owners and renters conducted by Hanley Wood.
Recent U.S. Census data also showed an increase in “doubling up” among household, particularly among young adults who are opting to move back with their parents. About 5.9 million Americans aged 25-34 lived with their parents in 2010, which is a 25 percent increase compared to the years immediately preceding the recession. Men were found to be nearly twice as likely as women to live with their parents.
The Hanley Wood survey also found that renters and home owners are delaying new home purchases due to tougher mortgage qualifying standards and concerns over the economy and job security. Yet, the majority of home owners and renters say home ownership is important and they felt that now was a good time to buy with lower home prices.