Multigenerational housing has gained significant traction during a COVID-19 pandemic real estate market
The number of home shoppers buying a multigenerational home since the pandemic has risen to a nine-year high of 15%, according to the 2020 Profile of Home Buyers and Sellers report released by the National Association of REALTORS®, using data dating back to 2012. That means, for a variety of reasons, home shoppers are looking for larger homes that can accommodate more family members living under one roof.
The top 3 reasons cited for buying a multigenerational home
1 – For aging parents to move in and for younger family members to take care of that aging parent or to spend more time with them
The data does not indicate where they are coming from, but a mix of assisted living, nursing homes, and living independently is probably the case. This is likely for caregiving for the older relative, but also caregiving for children who are now at home, with closed childcare facilities and limited in-person schooling.
2 – Cost savings as family members are pooling incomes to purchase a larger home together
This reason has accelerated in the last two years as people are relying on others due to the loss of income or potential loss of income, and marriage rates have continued to drop. This factor has likely seen an increase during the pandemic as many Americans face a cut in wages and lost income.
3 – Adult children boomeranging back home (or not planning to move out)
There are a number of reasons why young adults are at home. More than 80% of college students changed their higher education plans due to the pandemic according to The Census Household Pulse Survey data—perhaps going hybrid, taking a gap year, or going fully online. Younger adults make up many of the job losses Americans are facing, so they may have had to move back home. And lastly, there are many young adults who were tired of living independently and paying rent so they moved back home with parents.
Benefits of multigenerational living
If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs. With benefits that include a combined homebuying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home.
Multigenerational housing is gaining momentum
If you’re considering making a move, let’s chat about the multigenerational homeownership opportunities in our local market. Get in touch via the form below and let’s put a plan together based on your real estate goals and timeline: