Comments on: Boomerang renters and vacant apartments http://yochicago.com/boomerang-renters-and-vacant-apartments/12928/ New homes, apartments and condos for sale and rent in Chicago Mon, 22 Mar 2010 06:09:12 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Joe Zekas http://yochicago.com/boomerang-renters-and-vacant-apartments/12928/comment-page-1/#comment-47825 Joe Zekas Sat, 28 Nov 2009 00:33:36 +0000 http://yochicago.com/?p=12928#comment-47825 js, Double-check your source. There's no way that average household size is now 1.6, either locally or natonally. Common sense alone tells you that – a change of that magnitude would have required a 69% increase in the number of occupied housing units, even if there had been no population increase. In 2000, for example, the City of Chicago had a population of 2,896,016, and 1,061,928 households for an average household size of 2.7. A reduction in the household size to 1.6 translates to an increase of about 730,000 housing units assuming no population change. js,

Double-check your source. There’s no way that average household size is now 1.6, either locally or natonally.

Common sense alone tells you that – a change of that magnitude would have required a 69% increase in the number of occupied housing units, even if there had been no population increase.

In 2000, for example, the City of Chicago had a population of 2,896,016, and 1,061,928 households for an average household size of 2.7. A reduction in the household size to 1.6 translates to an increase of about 730,000 housing units assuming no population change.

]]> By: Eric Rojas http://yochicago.com/boomerang-renters-and-vacant-apartments/12928/comment-page-1/#comment-47721 Eric Rojas Wed, 25 Nov 2009 22:33:27 +0000 http://yochicago.com/?p=12928#comment-47721 js, I have no idea if the stats you point out actually affect housing demand. But, I look at that number of 1.6 people in households-combined with a growing U.S. population-and think there was a reflection of MORE demand for individual housing in 2007 as less people were packing into one aprtament, house etc... If more people move "back home" now, number of people per household should go UP (which would decrease demand for extra housing units). Maybe this is what you meant. Then you have my wife and I adding number of persons in our household at an alarming rate, creating demand for another home. js,
I have no idea if the stats you point out actually affect housing demand. But, I look at that number of 1.6 people in households-combined with a growing U.S. population-and think there was a reflection of MORE demand for individual housing in 2007 as less people were packing into one aprtament, house etc…

If more people move “back home” now, number of people per household should go UP (which would decrease demand for extra housing units). Maybe this is what you meant.

Then you have my wife and I adding number of persons in our household at an alarming rate, creating demand for another home.

]]> By: js http://yochicago.com/boomerang-renters-and-vacant-apartments/12928/comment-page-1/#comment-47717 js Wed, 25 Nov 2009 20:48:48 +0000 http://yochicago.com/?p=12928#comment-47717 I believe the stat goes: 20yrs ago there were 2.7 people per household... in 2007 there were 1.6 people per household... the demand can continue to go away... for a long time. and as prices keep on slipping and rents keep coming down, there's no incentive to buy... I believe the stat goes: 20yrs ago there were 2.7 people per household… in 2007 there were 1.6 people per household… the demand can continue to go away… for a long time. and as prices keep on slipping and rents keep coming down, there’s no incentive to buy…

]]> By: Jim http://yochicago.com/boomerang-renters-and-vacant-apartments/12928/comment-page-1/#comment-47713 Jim Wed, 25 Nov 2009 19:19:02 +0000 http://yochicago.com/?p=12928#comment-47713 Perhaps, if we take a little bit longer view of the situation, having a large group of twenty somethings living at home for a year or so will allow them to save up for a down payment and then enter the real estate market as first time buyers in a year or two. Perhaps, if we take a little bit longer view of the situation, having a large group of twenty somethings living at home for a year or so will allow them to save up for a down payment and then enter the real estate market as first time buyers in a year or two.

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