Wednesday, October 17, 2012

Extended families skyrocket due to poor economy

English: My parents.

Almost a third of homeowners expect their grown children or aging parents to eventually move in with them, according to a survey by one of the nation's largest home builders.

About one in seven say they already have a "boomerang kid" — an adult child who moves back home — or elderly parent living under their roof.

The survey out Wednesday of more than 1,000 homeowners by PulteGroup, builder of everything from starter homes to upscale residences and Del Webb adult communities, shows that the rise in multi-generational households may continue.

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"It's an enormous change," says Stephen Melman, director of economic services at the National Association of Home Builders. "I remember when I was in college, no one wanted to be near their parents." Read more >>

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