Housing costs have increased dramatically over the past decade, leaving many Americans struggling to keep up. As a result, millions of households nationwide have resorted to moving in with a friend or relative to split rent or mortgage payments.
According to new research released by Zillow, the number of Americans living with roommates or adult family members increased from 25% in 2000 to 32% in 2012. That equals 5.4 million households lost since the year 2000.
And even with its relatively stable housing market, Texas has not been immune. Zillow’s research revealed that the number of households doubled up in Dallas/Fort Worth increased by 132,000 between 2000 and 2012.
While these numbers are concerning, there is a silver lining. As the housing market recovers, these doubled-up households will begin looking for a new place to live. In the words of Zillow Chief Economist Dr. Stan Humphries:
“If and when these compressed households begin to unwind and these millions of Americans do start to create their own households, demand will bounce back, possibly even causing household growth to outpace population growth. That added demand will, in turn, create more incentive for builders to construct more homes, and will help unblock the market.
There is no magic bullet, but continued home affordability, an increasing supply of both for-rent and for-sale homes and the potential for incomes to grow more quickly as the economy recovers will all help the market to realize this potential.”
As we prepare for the likely increase in housing demand, it is more important than ever that households are aware of home buyer programs provided by organizations like TSAHC. In its latest national housing survey, NeighborWorks America reports that 70% of American households are not aware of the down payment assistance programs available in their community.
Texas lenders, Realtors, housing counselors and other stakeholders play a critical role in helping TSAHC and other housing providers spread the word about home buyer programs. To help ensure these dedicated professionals have the latest resources and information, this week TSAHC announced workshops that will provide even more lenders, Realtors, and housing counselors with the information and resources they need to help Texans achieve the dream of homeownership. Click on one of the following links to register for a workshop and/or learn more about our other training opportunities.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.