Multigenerational housing is a growing trend that is propelled by the “graying of America.” This trend is the mirror image of children who become adults still living with their parents. Instead, with multigenerational housing, the adult children invite their parents to live with them. Many are seeking to buy larger homes to accommodate the needs of their young family, while also being able to live together with their parents.
Older Homeowners And Multigenerational Homes Are Increasing
The numbers are staggering. Realtor.com® reports that for the next 20 years, older adults, over the age of 65, will increase from 26% to 34% of total homeowners. The fastest-growing group of homeowners will be those over 80. These are the many millions of baby boomers who are getting older. By 2038, estimates are that there will over 17 million of these older homeowners, up from around 8 million in 2018.
Multigenerational housing, which is where the older adults live with their grown children or grandchildren, is already 20% of the older adult population in America. This represents about 10 million homes now. This number continues to rise. It will more than double in the next decades.
Benefits Of Multigenerational Housing
The main benefit of multigenerational housing is saving money. Assisted living and long-term care are really expensive. The national median cost for assisted living is $4,000 per month. A person can buy a very large home for that amount used for a mortgage payment.
Longtermcare.gov reports that the average cost in America for long-term care in nursing homes is $6,844 per month (semi-private room) and $7,698 per month (private room). These costs can be reduced substantially by hiring in-home nursing care and having older adults stay at home.
Disadvantages Of Multigenerational Housing
The main complaint is that it is very difficult for some children to have their parents live with them. Personality conflicts and control issues arise to cause challenges.
For those worried about these factors, who want to set up a multigenerational home, think deeply about choosing a livable home design and layout. Consider buying a townhouse duplex that has two separate living spaces and then connect them by installing a door in a shared, interior wall.
Non-Related Multigenerational Sharing
A new business opportunity is the matchmaking of multigenerational housing owners who are not related. This is a new home-buying trend that is similar to living with college roommates to share expenses.
Multigenerational housing is a growing trend in America because of its practicality. It will continue to increase. REALTORS® who specialize in this market niche will likely find it to be very rewarding.
If you are thinking about buying a new home and your parents might be able to live with you, ask them how they feel about the idea and have some fun shopping for houses together.