Number Of Multigenerational Homes Swells Amid Pandemic
Multigenerational households have been growing increasingly popular in the U.S. According to Generations United, one in six Americans are now living with parents, grandparents or other relatives. The 51.4 million Americans who are currently living in multigenerational households represents a 10 percent increase since 2007.
Even before the 2020 pandemic, multigenerational living was on the rise, with the recession driving numbers up. According to Pew Research census bureau data, in 2016, a record 20 percent – or 64 million Americans, lived with multiple generations under one roof. Between 2000 and 2016, the number of multigenerational households increased by a noteworthy 21.6 million.
The National Association of REALTORS® 2020 Profile of Home Buyer and Sellers shows that since the start of the pandemic home buyers have been more likely to purchase a multigenerational home—15 percent versus 11 percent who purchased prior to 2020. These families identify multiple reasons, such as the health and care of family members, cost savings, the desire to spend more time with aging relatives, and the need for the delayed independence of children.
Another bonus is that these families are able to save more money through multigenerational living arrangements. Paying one mortgage is easier than paying multiple mortgages, and the same goes for property taxes, utility bills, home maintenance, and even groceries.
In addition to living expenses, childcare and eldercare is a significant financial burden for many families. Facilitating the means for grandparents to help raise grandchildren, or young adults to help care for elderly grandparents can save families thousands each year.
For most of 2020, daycare centers and schools have been closed forcing families to seek alternate means to care for their children. Likewise, senior living facilities and nursing homes have been particularly vulnerable during the pandemic and prohibiting visitors. According to the Bureau of Labor Statistics, about a fifth of baby boomers provide eldercare, whether in person or remotely, to a family member. Instead of keeping family members in a facility, many families are asking aging parents to move in.
The National Investment Center for Seniors Housing & Care, as reported by The Wall Street Journal, reports that occupancy at assisted-living facilities and independent living centers has decreased by more than 2.5 percent in each of the last two quarters since the onset of the pandemic.
Striving to meet the demand, home builders are expected to increase production of homes that can accommodate multiple generations with floor plans that include things like two primary owner suites and separate multiroom spaces on the main floor that can serve as a bedroom or home office.
Additionally, builders of accessory dwelling units, (backyard houses that serve as a separate living space), are reporting a steady rise in business since the pandemic began. These units are like a tiny home placed on the same property as the main home. Having their own living space gives them some privacy while the proximity to the main home makes it easier for them to also participate with family living.
Multigenerational homes are a great option for many families that can take on many shapes and forms. When considering this opportunity, it’s important to consider the needs of every family member and choose a floor plan that allows everyone to live together, and also apart. There are many creative ways to make multigenerational living work for every family member.
If you are interested in looking for homes that may suit your family’s multigenerational needs, The Platinum Group Realtors is your inside source for trustworthy, experienced guidance in navigating your search.
Utilizing an abundance of tools, resources and know-how will not only help you find the right house, but also provide information on builders, neighborhoods, property taxes and school districts to give you useful tools to weigh all of your options.
Colorado Springs number one independent real estate firm, The Platinum Group, Realtors have years of experience developing and refining their work. They are ready to share their expertise, knowledge on market conditions, and skilled negotiation techniques to provide top-notch management of your home purchase.
For a no-obligation consultation, call today: (719) 536-4478 or visit PlatinumHomesSales.com.