More Bedrooms; Fewer Heads on the PillowsBy
Why did so many Americans get overstretched in the housing boom? One reason is that they bought more house than they really needed. There’s evidence for that in a Census Bureau report this past week.
According to Census, 20% of occupied homes in 2005 had four or more bedrooms. Poking around elsewhere on the Census website, I find that the average number of people in a family household last year was 3.2. Figuring that the mommy and the daddy are usually sharing one bedroom, it sounds like there are a lot of empty bedrooms out there in Foreclosure Land.
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