Almost 1 in 3 Adults Live With Relatives

This is an interesting article about the continued reticence of people to buy homes right now:

A sinking economy and declining home prices are eliminating urgency for most homeowners and renters to buy homes, despite record low the mortgage rates, according to a new study. But doubling up or living with adult children, relatives or parents has increased more than since the days of the Great Depression.

Nearly one in three or 30% of respondents to the Hanley Wood housing survey taken by more than 3,000  U.S. homeowners and renters said they had doubled up their living arrangements with relatives. The study provides insight on the changing dynamics in the  U.S.  housing market and the broader economy as the nation copes with the worst economic downturn since at least the Great Depression…

Both renters and homeowners strongly felt that now is a good time to buy a home with lower home prices. Slightly more than one in four or 29% of renters and 19% of owners who responded to the survey say they are considering the purchase of a new home in the next two years…

The survey also found that up to 2-million potential home buyers are waiting to purchase a home when they feel the time is right. Nearly one in four or 72% of homeowners said it was a good time to purchase a home, while only 59% of renters said they felt it was a good time to buy property.