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Why Mortgage Programs Are Starting to Meet the Needs of Shared Households

Aug 10 2016

As fewer Millennials have lived independently of their parents (as shown by a low household formation rate), more Americans have been establishing shared households in which parents, children, and even grandparents — or other extended family — may live together in a home and contribute to household expenses, including rent or mortgage.

According to a recent working paper by Fannie Mae economist Walter Scott, nearly 30 percent of all households are shared, including with relatives and non-relatives.

This arrangement appears more prevalent for certain ethnic groups. While only about 25 percent of non-Hispanic whites have shared households, 36 percent of Asians, and 44 percent of Hispanic households are shared.

Rise of the Shared Household

One of the causes for this trend is the Great Recession, which caused a crunch on housing affordability, not only for purchasing a home, but even for striking out on one’s own and forming a household.

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