Multigenerational Homes Are on the Rise
This is a subject that hits home for me, in fact, hit home just about a month ago. I received a call from our oldest son who had hit some financial snags and needed to move back home. He was also bringing his fiancee who blessed us with out third grandchild less than a week after moving in. Needless to say it was a very hectic and crazy week.
So many young people are faced with financial struggles as they try to get their feet under them. Unemployment is at all time lows for many demographics, but many of the jobs are low wage, no benefits and barely cover the week to week cost of living. We are also facing an aging baby boomer generation. I missed being a baby boomer myself by one year, so like many people my age I worry about parents and grandparents who find it more and more difficult to care for themselves day to day.
As loved ones start to get older, we start to wonder: how long will they be able to live alone? Will they need someone there to help them with daily life? There’s a reason to ask those questions now more than ever, as the average life expectancy in the U.S. is 78 years old! As a result, 41% of Americans in the market are searching for a home that can accommodate a multigenerational family.
The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together.
“Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school”.
Boston College
“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups”.
This research gives helpful insight into why 41% of Americans are in the market to buy a multigenerational home.
Bottom Line
If you have a home that could accommodate a multigenerational family and are thinking about selling, now is the perfect time to put it on the market! The number of buyers looking for this type of home will only continue to increase.
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