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 anarticlebyRealtor.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 Buyers and Sellerswhich 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 forLennar, 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.”
Author:Arna Freedman Phone: 949-244-0444 Dated: November 7th 2017 Views: 34 About Arna: Real Estate Services You will love! We make the process for you. Your transaction will go smoothly, ...
Keller Williams Broker Associate, We have been selling Orange County homes since 1995. Arna Freedman and Team offers an Extraordinary Experience in Buying or Selling your Next Home. 949-244-0444 BRE#00925430
Just ready to come to market. Condo living with a view. Private L
“Arna & Avi went out of their way to provide quality service, to ensure escrow will close on time. When asset manager asked them to resolve an issue with HOA company’s requirement that HOA demand must be paid with Cashier’s Check to prepare the transfer document, escrow cannot procure it quick enough due to short notice, they went ahead and got the Cashier’s Check and drove it to the HOA company which is out of the area, and paid the Demand & made sure that Transfer Document will get to escrow on time for closing. This kind of service is highly appreciates especially in this difficult market condition we’re in, where everyone is expected to go the extra mile to provide service to our buyers for successful closing.”