Multi-Generational Homes – Big-Time Demand! | The Zebra Blog

Multi-Generational Homes – Big-Time Demand!

mulit-generation family in front of home

Multi-generational homes are increasing in demand across the country. First I want to explain what a multi-generational home is: It is a home that can have multiple families living under one roof in separate spaces.

A multi-generational home could house a married couple caring for an older parent, a grandparent living with an adult grandchild, or even Baby Boomers living with adult children who have moved back into the home.

The demand for multi-generational homes has risen in the last few years, partially due to the recession and its impact on the nuclear family. Families found it more financially feasible to band together and share resources and now these types of homes are in high demand due to the success of these living arrangements. People are willing to pay top dollar to get them.

I have been talking about the need for multi-generational homes for almost a decade and I was pleasantly surprised to see that the National Association of REALTORS® 2015 Profile of Home Buyers included special stats on this topic. NAR tracked a number of different home buying groups to learn about their motivation for buying a multi-generational home. Below are some of those reasons:

Married with Kids – 14% bought a multi generation home. Reasons:

  • Health/care taking of aging parents
  • Joint family cost savings
  • To spend more time with aging parents
  • Children over 18 moving back into the home

LGBT – 7% bought a multi generation home. Reasons:

  • Wanted a larger home that multiple incomes could afford together
  • Health/care taking of aging parents
  • Joint family cost savings

Single Females – 11% bought a multi generation home. Reasons:

  • Health/care taking of aging parents
  • Joint family cost savings
  • To spend more time with aging parents
  • Wanted a larger home that multiple incomes could afford together

You can see that there is a strong demand for multi-generational housing and this demand is growing. Builders are just starting to include these floor plans with special separate living quarters in their homes and it is paying off big for these builders. These spaces can act as guest quarters, parents housing, returning child temporary housing and even a nursing residence for someone who may need long term in-home care.

Another trend in finding multi-generational housing solutions is to remodel an existing home to allow for a multi-generational space, whether within the current footprint or adding on. Making room for family members that need independent living is a very sought after remodeling request which I expect will continue to grow in the coming years.

If you have not already been approached by a buyer who needs a multi-generational housing solution, it is just a matter of time before you are. Get prepared now for this eventuality. Take the time to get to know builders in your area who either offer a floor plan which includes a multi-generational space or who has the ability to customize an existing floorplan to meet these multi-generational needs. Additionally, I recommend you get to know an architect that you can call upon when your clients need an expert to help them envision their transformed multi-generational space.

 

 

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