Multi-generational living undergoing a change
Most news headlines focus on Millennials living at home and assert that the nest is no longer empty, with young adults living at home with mom and dad well into their late twenties, but a fascinating thing is happening at the other end of the age spectrum, and seniors (age 65 and over) are increasingly moving in with their adult children or other relatives, according to Trulia.
Trulia asserts that long-term demographic shifts, not the recession, are driving this trend. Although the recession is why more young adults are living with their parents, demographics are the reason that more seniors are living with their adult children.
So what is this demographic shifts?
Not only are a growing share of seniors born abroad, the average age of seniors is increasing, Trulia reports.
This matters because foreign-born seniors in the US today are four times as likely to live with relatives as native-born seniors are – 25 percent of foreign-born seniors do versus just 6 percent of native-born seniors. The share is even higher for seniors born in India (47 percent), Vietnam (44 percent), and Haiti (41 percent).
Older and single seniors moving in with the kids
They also found that seniors who are older, not currently married, or women are more likely to live with relatives than other seniors are. Seniors in Miami (26 percent of seniors there live with relatives), Los Angeles (19 percent), and San Jose (18 percent) are far more likely to live with relatives than seniors in Omaha, Toledo, and Minneapolis – St Paul (5 percent each).
Trulia’s Chief Economist, Dr. Jed Kolko said, “Where your parents or in-laws were born is a huge factor in whether they’ll live with you someday – or already do. And the metros where more seniors live with relatives are where there’s demand for multigenerational housing. Across America, more and more seniors are already home for the holidays without leaving their house.”