Multigenerational Households on the Rise

Fifty-four percent believe living in a multigenerational household is rewarding

A multigenerational home is one that houses at least two adult generations usually age 25+, or is home to grandparents and grandchildren under 25, the article notes.

Consumers demand larger homes, says Realtor Magazine, with the share of new homes built with at least four bedrooms growing from 42.6% in 2019 to 2020’s 45.2%.  The median size of new homes is 2,260 square feet, compared to 2,170 square feet in 2010.

These new construction trends reflect a greater number of Americans choosing multigenerational living—with about 16% of buyers doing so since the beginning of the pandemic, vs 11% of buyers from the year prior. 

“In 2020, the detrimental economic effects of the COVID-19 pandemic, a low-interest-rate environment in the U.S., and low housing supply together drove prices up, leaving some prospective first-time homebuyers out of the market.  Successful buyers were generally looking for more space,” notes one expert quoted in the article.

Census data reveals that multigenerational households enjoy financial benefits, says Pew Research.  People of most incomes say financial reasons were a major one in choosing such living arrangements, although younger adults 25-39 years old “are much more likely than older ones” to say finances led to a shared household—57% compared to 31%.

Other interesting facts:

·        33% say caregiving for an adult or child was a main reason for multigenerational living,

·        28% say this is the lifestyle they’ve always had,

·        58% find multigenerational living is convenient,

·        54% believe it is rewarding; and

·        23% say their multigenerational household is stressful, though more than twice this number of people say they find their multigenerational home is “mostly or always rewarding.”

It seems that the growing trend for multigenerational living is a positive consequence of the pandemic for many homeowners who can save money; afford nicer housing; offer assistance for parents; and allow kids the opportunity to enjoy closer relationships with their extended family members.

Post authored by Lora Bray.

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