There's so many moving pieces in household formation. This explanation is good but I'd love to see if the age kids move out of home matters. That's changed dramatically. As has the age people have kids. In time B, the people with kids might be as old as the empty nesters in time A.

Housing stock matters too. e.g. Back in the day, young people moved into share houses. Four 20-year olds in a big rambling house in the inner city. Now that house has caught a $900k reno, been profiled in Vogue Living, and a barrister lives there with her Professor husband amid the pashmina throws and the original artworks. Their kids, if they've moved out, now live in apartments. And not with 3 housemates. So there's more dwellings per capita, but each with less capacity.

I feel like these pieces push and pull in different directions.

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