From Home Furnishing Business
Fast Fact: Shift in Household Formations Lead to More Renters
In the seven years since the last recession, 2010 to 2017, American household demographics have shifted, according to data from the U.S. Census Bureau’s 2017 American Community Survey.
With a large portion of the population aging 65 and over, ages 25 to 64 have dropped from 75 percent of households in 2010 to 70.8 percent in 2017.
Total household formations increased only 4.8 percent since 2010 as Millennials have been slow to enter the housing market, either as renters or owners.
For the furniture and home furnishings industry, as the Baby Boomers continue to age, their purchasing power will lessen significantly over the next 10 years. Not surprisingly, ages 45 to 64 had the highest median household income at $72,443 in 2017, while ages 25 to 44 is 9 percent less at $65,879. The aging Boomers over 65 had median household incomes of $43,735.
For an in-depth look at the numbers, click here.