Multigenerational homes are coming back in a big way! In the 1950s, about
21%, or 32.2 million Americans shared a roof with their grown children or
parents.
According to an article by
Realtor.com, “Nearly 1 in 5 Americans is now living in a
multigenerational household – a household with two or more adult generations,
or grandparents living with grandchildren – a level that hasn’t been seen in
the U.S. since 1950.”
Another report that proves this point is the National Association of
Realtors’ (NAR)
2017 Profile of Home Buyersand Sellers which states that 13% of home buyers purchased
multigenerational homes last year.
The top 3 reasons for purchasing this type
of home were:
To take care of aging parents (22%, up from 19% last
year)
Cost savings (17%)
Children over the age of 18 moving back home (16%, up
from 14% last year)
Valerie Sheets, Spokesperson for Lennar, points out that,
“Everyone is looking for the perfect home for any number of family
situations, such as families who opt to take care of aging parents or
grandparents at home, or millennials looking to live with their parents while
they attend school or save for a down payment.”
For a long time, nuclear families (a couple and their dependent children)
became the accepted norm, but John Graham, co-author of “Together Again: A
Creative Guide to Successful Multigenerational Living,” says, “We’re
getting back to the way human beings have always lived in – extended families.”
This shift can be attributed to several social changes over the decades.
Growing racial and ethnic diversity in the U.S. population helps explain some
of the rise in multigenerational living; “Data suggest that
multigenerational living is more prevalent among Asian (28%), Hispanic (25%),
and African-American (25%) families, while U.S. whites have fewer
multigenerational homes (15%).”
Additionally, women are a bit more likely to live in multigenerational
conditions than are their male counterparts (12% vs. 10%, respectively). Last
but not least, basic economics.
Valerie Sheets brings to light the fact that home prices have been
skyrocketing in recent years. She says that,
“As home prices increase, more
families tend to opt for living together.”
Bottom Line
Multigenerational households are making a
comeback. While it is a shift from the more common nuclear home, these
households might be the answer that many families are looking for as home
prices continue to rise in response to a lack of housing inventory.
If you have been thinking about a multi-generational house for your family, contact The Militello Team today. We can strategise how to get your home sold and find that home the meets the multi-generational family!
The Militello Team have over 30 years of experience selling real estate North of Boston in Essex County on the North Shore.
THE MILITELLO TEAM
Source: Keeping Current Matter!