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Plunging Permits, Falling Demand Add To US Housing Gloom
US housing starts fell less than expected last month, data out Tuesday showed, but that was where th
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About 49% of people aged 18-29 are currently living at home with parents (total population for that group is about 50M). This is almost a record high. In addition, a record number of people up to the age of 40 are reportedly living with parents, because they can’t afford housing. These people are saving money (even if paying some rent to parents) and treating themselves to luxury goods and going out for eating and entertainment with friends.
This group has a lot of pent up demand for housing. Either they will get sick of living with their parents or their parents will give them money to leave (haha). At that point, a lot of demand will be released for housing.