Americans saving by moving in with family

A significant change in residential homes occurred during the recession, as more Americans made the decision to move in with relatives, according to a study from Pew Research Center.

In 2007, the number of Americans living in multi-generational households was 46.5 million. This increased to 51.4 million by the end of the recession, and it could have been a huge financial boost for many of these consumers.

With a lack of a mortgage, or helping pay a mortgage between a group of people, these consumers may have had an easier time getting their finances in order.
Multi-generational homes made up 12 million of more than 113 million dwellings in 2009, the study noted. In addition, 6.9 million of these homes had two generations that were of age to earn income. Another 4.2 million had three or more generations involved.
While the recession forced these figures to increase, it is possible that the curbing of income, as well as many people moving in with their families had a significant impact on the housing market. Though, with recent attempts to improve the market, more consumers may soon be leaving these setups to test the housing waters again.