Posts Tagged ‘Gary Painter’

More People Are Returning Home To Live With Mom and Dad

A Mortgage Bankers Association study of 80 metropolitan areas across the United States revealed that 1.2 million households were lost between 2005 and 2008. A household is defined as a single person, couple, or family renting or owning a home. At the same time, populations in those areas increased by 3.4 million. More disturbingly, the study also found that the percentage of homes with more than one person per room grew from 2 percent to 10 percent among U.S. born residents.  Read the entire report here.

The implications of the data in this study are clear: as more families lose their homes to foreclosure and as unemployment remains high,  previously independent adults are forced to return home to live with their parents or are living with other family members or friends.

The study, conducted by Gary Painter of the University of Southern California, forecasts that the number of households will not increase until 2012, when unemployment is expected to decline. However, Painter cautions that even then, a complete recovery will not occur for many years.

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