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, â€œNearly 1 in 5 Americans is now living in a multigenerational household â€“ a household with two or more adult generations, or grandparents living with grandchildren â€“ a level that hasnâ€™t been seen in the U.S. since 1950.â€�
Another report that proves this point is theÂ National Association of Realtorsâ€™Â (NAR)Â 2017 Profile of Home Buyers and 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,Â points out that,
â€œEveryone 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.â€�
For a long time, nuclear familiesÂ (a couple and their dependent children)Â became the accepted norm, but John Graham, co-author ofÂ â€œTogether Again: A Creative Guide to Successful Multigenerational Living,â€�Â says,Â â€œWeâ€™re getting back to the way human beings have always lived in â€“ extended families.â€�
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; â€œData 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%).â€�
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 skyrocketingÂ in recent years. She says that,Â â€œAs home prices increase, more families tend to opt for living together.â€�
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.
Source: Keeping Current Matters