Housing Price Increases

Multi-generational Households May Be The Answer To Housing Price Increases

Housing Price Increases have resulted in multigenerational homes 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, “Nearly 1 in 5 Americans is now living in a multigenerational household – a household with two or more adult generations, or grandparents living with grandchildren – a level that hasn’t been seen in the U.S. since 1950.”

Another report that proves this point is the National Association of Realtors’ (NAR) 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:

1. To take care of aging parents (22%, up from 19% last year)
2. Cost savings (17%)
3. Children over the age of 18 moving back home (16%, up from 14% last year)

Valerie Sheets, Spokesperson for Lennar, points out that,

“Everyone 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.”

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 Multigenerational Living,” says, “We’re getting back to the way human beings have always lived in – extended families.”

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; “Data 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%).”

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. i.e.: Housing Price Increases

Valerie Sheets brings to light the fact that home prices have been skyrocketing in recent years. She says that, “As home prices increase, more families tend to opt for living together.”

Housing Price Increases… the Bottom Line 

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.

Northern Colorado is a great place to live! For more information, please give me a ring or email me today. I would love the opportunity to earn your business and partner with you in regards to your Real Estate needs.

If you are looking to purchase, I can show you how to save a lot of money, as much as 10% on the purchase and finance of your next home.

Contact me today to learn about ALL of my strategies to get you the BEST price for your home in the SHORTEST possible time, with the least amount of Brain Damage!

Paul Ross  970-217-3245

RESIDENT REALTY

SOURCE:https://www.keepingcurrentmatters.com/2017/11/07/multigenerational-households-may-be-the-answer-to-price-increases/?a=-55265410f34e7e5d6bdcda800771721a