Down economy in U.S. pushing more Americans to live with relatives or become renters


The U.S. Census Bureau reported the number of doubled-up households jumped 10.7% from 19.7 million households in 2007 to 21.8 million in 2011. Doubled-up households include at least one person of 18 years or older who is not enrolled in school and not the head of the household.

The figures show that 18.3% of all households were combined households.

Among adults between 25 and 34, 5.9 million were living with their parents this spring, compared to 4.7 million in 2007, up 25%. That equates to 14.2% of all young adults living at home with their parents. But while this has resulted in cost savings for these individuals, it also has meant Americans are spending less on household goods, according to a blog by the Wall Street Journal.

The census figures showed a greater need for saving, as nearly one in six Americans are now living in poverty. The 15.1% level was the highest since 1983.

A lower level of employment and overall income has meant a larger number of Americans are also renting, rather than owning. That’s meant the national residential vacancy rate has dropped steadily from a record high of 11.1% in the third quarter of 2009 to 9.2% in the second quarter of this year. That’s the lowest the vacancy rate has been since the third quarter of 2002.

A recent survey by Fannie Mae found 78% of Americans polled felt the economy is on the wrong track. Additionally, 27% believe home prices will go down further and 22% expect their financial situation to worsen this year.

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