After a sharp rise in 2014, household formation continued to grow during the second quarter of 2015. More than 480,000 new households were added during the time period, reports the National Association of Realtors Economists’ Outlook blog.
The blog says that Baby Boomers are the main cause of the jump. The highest gains in household formation from the first half of 2014 to the first half of 2015 was recorded by adults aged 65-74.
They accounted for 860,000 new households, well ahead of the second-most represented group, 55-64 year-old buyers (391,000 new households).