Multi-generational 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 a recent Pew Research Center report, the number of multi-generational homes dropped to as low as 12% in 1980 but has shot back up to 19%, roughly 60.6 million people, as recently as 2014.
Multi-generational households typically occur when adult children (over the age of 25) either choose to, or need to, remain living in their parent’s home, and then have children of their own. These households also occur when grandparents join their adult children and grandchildren in their home.
Large Farmhouse – Westfield (Wyben), MA
12 beautifully updated rooms!
6 bedrooms, eat-in country kitchen, formal dining room, living room, heated 4-season room, sitting room, 1st floor laundry, garage, mountain views – on just over 1 acre!
According to the National Association of Realtors’ (NAR) 2016 Profile of Home Buyers and Sellers, 11% of home buyers purchased multi-generational homes last year. The top 3 reasons for purchasing this type of home were:
- To take care of aging parents (19%)
- Cost savings (18%, up from 15% last year)
- Children over the age of 18 moving back home (14%, up from 11% last year)
Multi-family Home in Historic District – Granville, MA
3 Bedrooms, 2 livingrooms, 2 kitchens… private or interior entrance, decks, porches, balcony.
Walk to town green, on over 3 acres!
Donna Butts, Executive Director of Generations United, points out that,
“As the face of America is changing, so are family structures. It shouldn’t be a taboo or looked down upon if grown children are living with their families or older adults are living with their grown children.”
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 Multi-generational Living,” says, “We’re getting back to the way human beings have always lived in – extended families.”
ONE good reason is basic economics… you can buy more house with more people, split the utilities and food… and if it’s going to take a village to raise your children, why not have your village all under one roof!
Carmen Multhauf, co-author of the book “Generational Housing: Myth or Mastery for Real Estate,” brings to light the fact that rents and home prices have been skyrocketing in recent years. She says that, “The younger generations have not been able to save,” and often struggle to get good-paying jobs.
In light of this – it makes really good sense for some family units to explore the multi-generational alternative!
The two homes pictured in this blog are for sale and offer the convenience of location, space and personal areas as well as shared areas! Contact me today to discuss this article, tour these houses, or learn more about the multi-generational living option!
cell/text: 413.301.4614 or firstname.lastname@example.org
Multi-generational 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.