The housing crisis has impacted the job market, the economy, and household wealth –– and now, demographics. The National Association of Home Builders (NAHB) estimates that more than 2 million household formations (marriage and/or children) have been delayed because of challenging economic conditions.
The delay on having children is seen in the Center for Disease Control (CDC) National Center for Health Statistics data on U.S. births. The more recent decline in U.S. fertility rates, which began in 2007, saw the rate fall from 69.5 to 66.7 in 2009. In contrast to the declines of the 1990s, the largest percentage declines in the current dip come from women in their 20s.
Given that this age group includes many first-time homebuyers (the median age of a first-time homebuyer in the United States is 31), it seems likely that the housing crisis is a factor.
To read more, go to the blog.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
