Fact: 41% of people are hunting for multi-gen housing.
So what exactly is a multi-generational living? Multigenerational families were a common way of living during the Great Depression, and it has been making a comeback since the economy took a downturn in 2008. Families have been moving in with one another in an effort to share expenses and keep the cost of living down. Some adult children have experienced the death of one parent and moving them in to their homes was the best way to care for them. It is estimated that 64 million Americans, or 20% of the population now live in multi-gen households. 41% of homebuyers are now looking for a house with enough room for multiple generations. 26% plan to take care of an aging parent, and 14% want to spend more quality time with older family members. Grandparents want to spend as much time with grandchildren as possible, and as a bonus it's nice to have an extra adult around to help with the kids. In recent studies:
"Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school." Says The Universit of Oxford.
"Researchers found that emotional close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups." Says Boston College.
Multi-gen housing can simply be a home with a layout designed to accomodate multiple adults, like homes with dual masters. Or you can look at the possibility of adding a room to your existing home. Another option is to choose a custom build that includes a mother/father in law suite with a full bathroom and separate entrance, or small detached guest quarters called a casita.
Let Phillips & Associates Realty help you find a perfect home for your multi-generation family. Use the advanced search tool on our website, or call (210) 571-0330 to be connected with an experienced, friendly agent that can explain your many options. It's never too early to start looking toward the future for your family, and why not look now while interest rates are low?
(Thank you to our friends at Cornerstone Home Lending who provided some statistics for this article. Did you know Cornerstone can do a 10-day close? Yep, it's true. Pre-Qualify today, and start your home search!)