Multi-generational housing on the rise
In 2010, it was reported that Realtors were seeing a rise in requests for multi-generational housing, a trend that increased this spring and according to the Pew Research Center, the most dramatic increase in the number of Americans living in multi-generational homes in modern history is upon us.
With one in ten Americans unemployed and even more underemployed, the stigma that once surrounded an adult moving back in with their parents is diminishing as the recession continues to plague American wallets and many flock to multi-generational living as a means of avoiding poverty.
The number of Americans living in multi-generational households has been rising slightly since 1980, but the multi-generational household population shot up most dramatically between 2007 and 2009, increasing from 46.5 million to 51.4 million.
Will this tide turn soon? Probably not…
According to Pew, “The current surge in multi-generational households is linked to the economy. The unemployed, whose numbers are growing, are much more likely to live in multi-generational households—25.4 percent did in 2009, compared with 15.7 percent of those with jobs. The ranks of the unemployed swelled by 7.2 million from 2007 to 2009, and the typical spell of unemployment in the Great Recession was the longest in four decades, adding to the financial strain on those without jobs.”
One in four of Americans aged 18 to 24 and one in five aged 25 to 34 reported moving back in with their parents and with the highest unemployment rate of Americans aged 18 to 29 seen since Nixon was in office, making the prospects unlikely that this age group will move out of relatives’ homes in the near future.
“While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” said Diann Patton, Coldwell Banker Real Estate Consumer Specialist. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.”