Multigenerational Households May Be the Answer to Price Increases
Another report that proves this point is the National Association of Realtors’ (NAR) 2017 Profile of Home Buyers and Sellers which states that 13% of home buyers purchased
- To take care of aging parents (22%, up from 19% last year)
- Cost savings (17%)
- Children over the age of 18 moving back home (16%, up from 14% last year)
Valerie Sheets, Spokesperson for Lennar, points out that,
For a long time, nuclear families (a couple and their dependent children) became the accepted norm, but John Graham, co-author of “Together Again: A Creative Guide to Successful Multigenerational Living,” says, “We’re getting back to the way human beings have always lived in – extended families.”“Everyone is looking for the perfect home for any number of family situations, such as families who opt to take care of aging parents or grandparents at home, ormillennials looking to live with their parents while they attend school or save for a down payment.”
This shift can be attributed to several social changes over the decades. Growing racial and ethnic diversity in the U.S.
Additionally, women are a bit more likely to live in
Valerie Sheets
Multigenerational households are making a comeback. While it is a shift from the more common nuclear home, these households might be the answer that many families are looking for as home prices continue to rise in response to a lack of housing inventory.
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