Multi-Generational Family Living

As our parents and grandparents age, we start to wonder: how long will they be able to live alone?  What will or when will they require someone there to help them with daily routine? There’s a reason to ask those questions now more than ever, it is because the average life expectancy in the U.S. is 78 years old!  As a result, 41% of Americans in the housing market are searching for a home that can accommodate a multigenerational family. They are looking for homes with mother-in-law suites or second masters. Some kind of floor plan that will allow for two generations to live together under one roof but still have individual privacy.

The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend extended time together. Pew Research Center, shows 64 million Americans that’s 20% of the population lived in a multigenerational household in 2016 (Last numbers available).

We, real estate professionals know that number is staying strong and possibly even increasing over time based on the clients we serve every day.

An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits are seen in the elderly as well as the young and all those in between. According to these two resources:

The University of Oxford

“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”.

Boston College

“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups”.

This research gives helpful insight into why 41% of Americans are in the market to buy a multigenerational home.

Bottom Line

If you have a home that could accommodate a multigenerational family and are thinking about selling, now is the perfect time to put it on the market! The number of buyers looking for this type of home will only continue to increase.

Contact me, Dawn Seing if you are looking to buy or sell a home today; I can help. 918-576-4358 or [email protected]

Article Written By: Dawn Seing with McGraw REALTORS

 

 

 

 

 About Dawn: Dawn Seing the Hat Lady at McGraw REALTORS has been serving clients in Broken Arrow for 11 years. She has helped singles, young families, blended and multi-generational families find and sell homes in our community with friendly professional service. Contact her today to help your family. Whether you are a family of one or many she can help you. You can reach her at 918-576-4358 or [email protected], DawnSeingHomes.com