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Multi-Generational Homes: The New American Dream

By
Real Estate Agent with Realty Executives - Premier Marketing Group

What is a multi-generational home? The word itself seems to define its meaning and the U.S. Census Bureau defines multi-generational homes as any home that has more than two generations living under the same roof. Although this generally means grandparents, adult children, and grandchildren living in one household, they do vary in all shapes, sizes, and definitions. 

As a unit, they function together. Typically, there are multiple sources of income for the household, making finances easier for each member of the unit. Separately, each household may be able to financially afford small homes. Together, they can afford a larger nicer home. Additionally, they tend to work schedules together to manage care for dependent children or even dependent elder members of the family. These types of homes need to meet many needs such as possibly all amenities on one level, yards for children to play in, close proximity to quality schools, close proximity to job locations for multiple people, and many bedrooms. 

Currently, 33 percent of American households with children rely on extended family for help with childcare. Even 17 percent of Americans get help from extended family to cover their living expenses as well. When it comes to eldercare, 11 percent of Americans utilize their extended family. Interestingly enough, it is not the poorest nor the wealthiest of Americans that rely most on extended family for dependent care and eldercare: it’s actually the upper middle class households that rely on extended family for care. A whopping 40 percent of upper middle class households rely on their extended families. 

Family ties are becoming more important post-recession and people are looking at economic viability throughout their life. This is making multi-generational living more than a need for survival because of financial stability; this is becoming a household normalcy. We all rely on social networks of friends and family for assistance - it takes a tribe of people to build a community network. 

As we look into the economic future of households in America, the trend of multi-generational homes may become a normalcy rather than a fleeting memory. Households are looking at the many benefits and home builders are listening to the demand. 

 

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