Number of new households increasing at record rate

The number of new households is at a record high.With more young adults moving out from their parents houses or new families beginning their lives, the number of new households in the country is growing at a record pace, Bloomberg reports.According to UBS Securities, between 750,000 and 1 million new households will be created during 2011, which would be nearly double the total year-over-year from the year ending in March 2010, which was the lowest total on record.The source says rising employment rates have boosted the sector, as more individuals or families are now financially stable enough to support themselves. The last decade's average for new households is 1.3 million, which, if current rates continue to grow, will be surpassed during 2011.”The moving-back-in-with-Mom-and-Dad phenomenon is creating a growing backlog of pent-up households,” Charles Lieberman, former head of monetary analysis at the Federal Reserve Bank of New York and now chief investment officer with Advisors Capital Management in Hasbrouck Heights, New Jersey told Bloomberg. According to Lieberman, these “improved economic conditions” will soon “enable these households to split up and resume living in their own residences.”Houston has seen a drastic improvement for its real estate market in the past several months thanks to the increasing number of available jobs. According to a recent Metrostudy report, more than 10,600 closings for Houston properties took place during Q1 2011. ?Courtesy of 2M Realty News

About 2M Realty

All content from this author comes from 2M Realty News Feed

Speak Your Mind

*

Follow

Get every new post delivered to your Inbox

Join other followers: