Tags: American | Nuclear | Family | Still | the | Decline

American Nuclear Family Still on the Decline

Thursday, 01 September 2005 12:00 AM

"The ideal of the two-parent family with 2.2 children living in a suburban house is being supplanted by an array of arrangements, including single professionals, divorcees, active retirees and single parents," the Wall Street Journal reports.

Jason Schenker, an economist at Wachovia Corp., said: "Today's middle class looks more like the cast of ‘Friends' than ‘Ozzie and Harriet.'"

Some economists believe the change in American demographics is one factor behind the surge in the popularity of condos, which are often more attractive to members of non-nuclear families than a private home.

Condos have in fact overtaken private homes in median price. In June, the median price of a condo was $223,500, compared with $218,600 for a traditional home, according to the Journal.

Between 2001 and 2004, condo values appreciated 57 percent, more than twice the 25 percent rise in single-family home prices.

Developers began construction on about 800,000 condo units in the past five years, and another 270,000 will be started this year.

For many people in non-nuclear families, the Journal reports, "an urban condo is both more luxurious and convenient than a house with a yard."

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"The ideal of the two-parent family with 2.2 children living in a suburban house is being supplanted by an array of arrangements, including single professionals, divorcees, active retirees and single parents," the Wall Street Journal reports. Jason Schenker, an economist...
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Thursday, 01 September 2005 12:00 AM
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