Multi-generational living is becoming more common as Baby Boomers age and move through retirement.
Data from the 2009 – 2011 American Community Survey (ACS) reported that 4.3 million households were multi-generational. That’s 5.6% of the total of 76.4 million family households with more than one person. While this is a small percentage, it represents a significant increase in the share of multi-generational households. The increase is from 3.7% of total family households in 2000 and 4.0% of total family households in 2010. So not only is the percentage higher, the rate of increase is also growing.
A few new home builders have recognized this trend and are starting to build homes to accommodate multi-generational living. Lennar has the NEXT GEN line of homes while Richmond America and Toll Brothers have optional designs that can be added to existing lines.
These homes have some common characteristics. Most of them feature a private entry, often covered for the convenience of the added generation. While all of them feature an additional bedroom and living area, most often with a separate bathroom, some of them go so far as to have a full second master bedroom suite and bath. A few even have small kitchen areas for private food preparation and dining.
This style of home makes lots of sense for both adult children and their parents. It avoids the need and expense of assisted living. With the private entrance, hired care givers can visit their clients without disturbing the rest of the family. Grandparents and grandchildren can live close together and interact, creating memories for all the generations in the home.
According to this article, multi-generational homes make financial sense.
“With respect to mortgages … these are single-family homes with one person on the mortgage. In most cases, a senior parent moves into the 2Gen suite. His adult children who need more space occupy the main residence. The senior parent is usually the source of the down payment, and the adult children are responsible for the loan. It’s far more economical than seniors living in nursing homes.”
As we continue to serve the senior population, we’re certain we’re going to be assisting more clients with finding multi-generational homes. What about you? Do you have a parent who might like to live with you? With these floor plans, we can help find the home that is right for you!
Floorplan credit: Richmond American Homes
Building Bridges Partners is a real estate team powered by Keller Williams that specializes in helping Empty Nesters and Seniors who want to downsize or are going through transition in their housing needs. Call us if you want more information about how we can help you! 571-379-9030