LOS ANGELES—Household formation has returned to its pre-recession level of one million households per year, according to a new study from the USC Lusk Center for Real Estate. The study found that over the past 30 years, a three-year recovery period for household formation has been the norm, regardless of whether hiring has returned to full strength.

“The freeze in formations is over and people are again moving out and forming households,” says Gary Painter, director of research at USC Lusk. “This means that real estate professionals and policy makers should not keep waiting for pent-up demand. So while a number of factors will continue to influence the housing recovery, household formation is no longer one of them.”

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