Over the past several years, I’ve been seeing a trend where buyers look for homes that will accommodate multiple generations—grandparents, parents, kids, and grandkids.
My gut tells me that there is a demographic shift occurring here, where:
- Grandparents or empty-nesters are becoming more inclined to live with people of other generations, and/or:
- Younger generations are more inclined to have their parents or grandparents living with them.
Since we’re all living longer, the older generations might feel the pressure of housing costs. Secondly, as people try to downsize in today’s marketplace, it’s important to know that buying a smaller home doesn’t always mean that the costs are lower. Typically people are looking for different floor plans, possibly those with main-level living, and those properties can be more costly.
Conversely for the younger generation, having the parents or grandparents around could be helpful in regards to caring for children. I also think that this younger generation might worry for their parents as they slow down with age; as they lose mobility and develop medical issues, they need more attention, and their younger counterparts want to be there to ensure they’re safe and comfortable.
“SINCE WE’RE ALL LIVING LONGER, THE OLDER GENERATIONS MIGHT FEEL THE PRESSURE ON HOUSING COSTS.”
Putting these factors together, many people have asked about what opportunities there are where they can bring the whole family together. Some big builders are starting to build what they call multigenerational plans in which they’ve accommodated into the floor plan a space where the parents and grandparents can have their own space, alongside the general or main living areas with the rest of the family.
In order to accommodate multiple generations, they might move, eliminate, or add some walls. They might make the basement a fully furnished space (with a kitchen and bathroom) with a separate entrance from the main door to foster privacy for the occupants. Additionally, if the property is large enough, then a guest house could be considered.
If you have any questions about accommodating multigenerational living, feel free to reach out to me. I’d be happy to help and advise you however I can.
