Have you heard the latest? Multi-generational living is on the rise…and it’s NOT what it used to be. If you go back 20 years or so, the phrase “multigenerational living” might have conjured up images of a fun-loving cousin, probably pushing 30, who refuses to move out of his parents’ basement. Grown kids bunking with their parents was once upon a time, seemingly moochy. But, according to research, making the decision for aging parents, grown kids, and grandchildren to cohabitate is becoming increasingly normal, and numbers are now almost as high as they were since the mid-century.
There are many key factors to this rising trend. Choosing to merge generations under one roof reflects some cultural and some financial influences. Millennials have led the movement toward multigenerational households. While some adults move home to save money –such as in the case of millennials, many of whom are saddled with student loans – others are drawn by benefits that reach far beyond the financial.
Some adult children are finding it more convenient and less stressful to move in with their aging parent(s), or move their parents in with them. Doing so can alleviate the cost of in-home care or residing in a nursing home. Additionally, older parents can fare better mentally and health-wise by living with their adult children.
In Short, the Pros:
- Ability to care for an aging parent.
- Help with the care of younger children.
- Improves emotional well-being and mental health of grandchildren with an absentee parent(s).
- Shared household chores take the pressure off all family members.
- Financial savings on rent/mortgage, maintenance, groceries, utilities, internet, and possibly taxes with a single household to support.
- Easier to obtain home financing.
- Possible tax advantages.
In order for multi-gen home living to be successful, space and privacy options are high priority! This trend does NOT WORK when people are crammed into a traditional living space, grandparents and children sharing a bathroom, one living room with one remote to fight over, one outdoor option for entertaining…. just, no. So, what are home builders doing about this trend?
Introducing the multi-generational home, must-have features include: a private entry-point, separate living area, a kitchenette, and of course private bed and bathrooms.
While these custom homes may cost more to design and build initially, the combining of multiple household members’ financial resources will often offset the increase. More and more U.S. homebuilders are offering multi-gen homes and custom multi-gen housing solutions. You’ll find home builders across the country who specialize in creating the ideal home for bringing multiple generations together under one roof.
So, what do you think… would you give multi-generational living a try? Start by researching builders, floor plans and layout options and we think with the right plan, multi-gen homes are here to stay!