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Household Growth
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| MOST RECENT STATISTIC: |
398,000 |
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| GRADE: |
F |
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| PERIOD COVERED: |
2008 |
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| Date Released: |
Sept. 2009 |
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| Next Release: |
Sept. 2010 |
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| Total Households |
117,181,000 |
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| % Change 1 Year |
0.34% |
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Source: U.S. Census Bureau |
Analysis for the Housing Market
By:Jonas Adams
Figures released by the Census Bureau indicate that an estimated 398,000 new households were formed during 2008. This is a 0.34% increase from 2007 when there were 116,783,000 households in the U.S. The growth rate in household formations slowed significantly in the past two years compared to the 1.4% growth experienced in 2006 and 0.66% growth in 2007. This is the slowest annual household growth rate in over 40 years.
Definitions and Importance for the Housing Market By:
By:Jonathan Dienhart
Households consist of all people who occupy a housing unit. A housing unit is an area that is intended for separate living quarters, and must have direct access from the outside or through a common hall.
One household includes all people living in the housing unit, whether or not they are related. The count of households excludes group quarters, such as dormitories and prisons.
Demographers tend to predict household growth by examining household formation trends, such as marriage and divorce rates, and individuals coming of age to move away from their parents. Household formation is a very important characteristic, because it measures the demand for housing. During periods of rapidly rising home prices and rents, we believe fewer households are formed than are demanded due to affordability issues. When total construction, less an allowance for demolitions, exceeds household formations, there may be an oversupply of housing occurring.
More information can be obtained from the Census Bureau at: http://www.census.gov/
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