Real estate prices are skyrocketing! The housing bubble is already re-inflating itself! Great news for property owners. Bad news for the increasing number of people who are living on your couch.
With home prices rising, the WSJ points out that first time homebuyers are having a significantly tougher time buying into the market than they traditionally have. And the current level of average rent in American can be described as "Already too high, and rising." So if people can't afford to buy, and people can't afford to rent, then... where will all those people stay?
The number of so-called missing households—representing adults who would be owning or renting their own home if household formation had stayed at normal rates since the recession—has increased 4% over the past year, according to an analysis for The Wall Street Journal.
There are now some 2.4 million such people, many of them living with their parents, but also seniors living with their adult offspring and people renting rooms in a home headed by an unrelated person.
It's good to be around people I guess.