Housing Market Trends: Multi-Generational Homes
There’s a new trend that is gaining popularity in the housing market: multi-generational homes. While the concept of several generations of a family living together isn’t particularly new, the structures they are calling home now look and feel much different than in the past.
Research estimates that more than 50 million individuals currently reside in housing that is multi-generational. The term multi-generational refers to three or more generations being under one roof. As the baby boomer generation ages, the number of folks who live with family members will only increase.
One reason that multi-generational living arrangements are popular is because of children providing care for aging parents or grandparents. While retirement housing and medical/nursing facilities are an option, many seniors do not wish to make that choice.
Another reason younger generations are moving back in with parents and grandparents is because of the recession and economic downturn. Jobs have been scarce in many cities across America and housing prices are on the upswing.
This trend actually helped to inspire the idea for multi-gen housing. These types of homes don’t look different on the outside, but the interior has some innovative features. On-site or even attached apartments are one feature that some multi-generational homes have to offer.
These apartment-type additions aren’t fully functional as stand-alone housing because while they have bedroom, bath, and kitchenettes, they usually don’t have full cooking appliances that an average kitchen would contain.
For adult (or college-aged) children who have moved back in with their parents, this type of set-up is attractive for many reasons. Not only does it provide more privacy than typical homes, but it is significantly more affordable since resources are pooled. And for older adults who have moved in with their children, there is more independent living space that more closely matches what they are accustomed to.
Most of the homes of this type are being constructed in states such as California, Arizona, and Florida but the belief by many market forecasters is that they will spread.
Would you consider living in a multi-generational home? Whether you are seeking a home for the entire family or a smaller dwelling for one or two, East Tennessee has plenty of real estate options available! When you work with a trusted real estate professional who knows the market and area such as a member of our team here at CBWW, it’s easy to find your next dream home.