It’s 2020, if hoop earring and high waisted jeans can come back from the 1900s then multi-generational living can too!
According to the Pew Research Center report, 25% of Asian Americans, 23% of African Americans, and 22% of Hispanics live in multi-generational homes, in contrast with 13% of whites. But there’s a difference now from years past. More families talk openly about living together. It was once viewed as a topic not given much of a discussion that suggested a family wasn’t affluent enough to afford independent or assisted care for their elderly members or a separate apartment for a grown child.
The prime reasons families are coming together under one roof include “boomerang” children returning home, an older population living longer and wanting to age in place, and an economy requiring more than one paycheck. The overarching goal is to support one another, reports Realtor Magazine.
Several trends are emerging. Some people prefer to remain in their current home and make room for family members according to needs. Adjustments such as the floor plan where there may be necessary changes such as adding grab bars or a raised toilet seat in bathrooms.
Home builders and developers are also meeting the demand for multi-generational dwellings with a variety of apartments, condos, and single-family homes. Since the home building industry is much more conscious of this rising trend and knows that each generation needs an away space so they can have friends over or calm down if problems arise more and more are returning to old floor plans with that modern twist.
Multiple generations once lived together to save money, help grandparents age safely, and curtail loneliness. That tradition waned in the U.S. as families accumulated wealth and each generation sought independence. Now, the trend is back, with a record 64 million or 20% of the U.S. population living under the same roof in 2016.
However multi-generational living is achieved, solutions can provide a positive return for families that understand and plan for everyone’s needs.
Do you think this trend will affect how you do business?
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.