From Home Furnishing Business
FastFact: New Household Formation Remains Major Catalyst for Moving
Even though marriage and divorce rates have been steadily declining since 2000, establishing a new household remains one of the top reasons for moving, according to data from the U.S. Census Bureau.
Much of the new household formation is being triggered by Millennials leaving home for the first time, and that pattern should continue to increase for the next five years as Millennials age.
But despite that promising trend, new household formation remains at historic lows. According to the National Association of Realtors, between 2008 and 2016 America added an average of 835,000 new households per year. For 50 years prior to that, it was 1.3 million per year.
For an in-depth look at the numbers, click here.