The household creation rate has been increasing, recently reaching the highest level since before the recession began in 2007, The Wall Street Journal reports.
Usually it’s the 25 to 34 year-olds that make up the bulk of household formation. But according to econimist Jed Kolko of the Terner Center for Housing Innovation at the University of California, Berkeley, this time it’s Americans between 65 and 74 year olds that made up two-thirds of the 1 million households created during the year ended in June.
Senior Americans created 860,000 households, while younger ones between the ages of 25 and 34 only created 159,000.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers