As family members start to age, it’s common to ask: How long can they continue living on their own? Will they need some help with their daily activities?
It may be an understatement to say these questions are common: The average American life expectancy has now reached 78. Because of this, 41 percent of homebuyers are looking for a house with enough room for multiple generations.
2 reasons to buy a multi-family house: Aging parent care & quality time
This chart breaks down the percentage of each generation that bought a multigenerational home, either to get more family time or to provide care to an aging parent:
Within this group of buyers, 26 percent plan to care for an aging parent, and 14 percent plan to spend more time with older family members. This isn’t surprising. The most recently available Pew Research Center numbers indicated that 64 million Americans, or 20 percent of our population, were living in multigenerational households as of 2016.
Once you find a multigenerational house you love, you could get home in 10 days.
A growing number of studies show the benefits of multigenerational living. Not only do these benefits extend to the grandkids, but to the grandparents too.
The University of Oxford says:
“Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school.”
Boston College also states:
“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups.”
These studies give more insight as to why 41 percent of Americans are in the market for multi-family houses.
Who said buying a multigenerational house had to be hard?
If you’re a homeowner with a house that can accommodate a multigenerational family, you may see your property move quicker by listing while this interest is high. If you’re a homebuyer looking for a multigenerational house, now’s the time to act since demand is only expected to rise. Get a head start on the house-hunt and find out how much you can afford when you Prequalify Now.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.