The recession has shrunk wallets, but it’s expanding households.
Whether its adult children moving back in with parents or the other way around, tough economic times have led many families to move back in together, according to CNN Money.
The most recent Census data in 2010 shows that 4.4 million U.S. households held three generations or more, a 15-percent rise from 3.8 million in 2008.
It may seem uncomfortable, but many are better able to weather financial difficulties and save money by banding together as families.
A study from the Pew Research Center states that the poverty rate among those who live in multi-generational homes was 11.5 percent in 2009 compared to 14.6 percent who didn’t, according to CNN.
"It's such an advantage to have multiple wage earners in the same household when the economy is still struggling," Nicolas Retsina, a lecturer at the Harvard Business School and one-time head of Harvard's Joint Center for Housing Studies told CNN Money.
Retsina also told CNN that the multi-generational housing trend is one he expects will continue.
EMAIL: [email protected]