"EXTENDED FAMILY" BUYERS....Had Any Of Those Lately???

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

"EXTENDED FAMILY" BUYERS....had any of those lately??? 

I am speaking of families who have other members of their extended family who must move in with them. It may be because of money concerns, it may be because the family enjoys being together; whatever the reason, there are many families now sharing their homes with grown children, their families and also elderly parents. I have even seen a divorced couple move into a compound just to be able to share custody of their children! 

I believe we are witnessing a major shift in lifestyle happening right now! I don't know if it is happening out there in the "real" world of middle America. But "Extended Family" buyers are everywhere here in The Hamptons and they are making sure they are able to accommodate several additional people along with the immediate family.

Keeping in mind that this is a second home community, there remains a dominant theme in home buying:

  1. More bedrooms with 2 masters, one being a main floor master suite.
  2. Finished lower levels (basements) with sleeping space are always required.
  3. Great rooms with another den or living room.

The explanation? Life has changed in the All-American family:

  • A divorced daughter and her children are part of the extended family
  • An aging adult family member needs to be able to sleep on the main level of the home
  • With extended family comes the need for more than one gathering spot

NEW INTEREST IN 4-5 BEDROOM HOMES WITH FINISHED BASEMENTS. In the past, the most sought after homes had 3 bedrooms and 2 baths. It was a given that the buyer and their relatively small family (3 or 4 members) only needed the 3 bedrooms.

  • Now, with adult children moving back home in some cases and an extended family member needing care as they age, the whole demographic of what makes up a "single family" residence has changed. Now the average home buyer is looking for a 4 bedroom home and if they can find the 5th bedroom, all the better!  and that would leave an extra room for Grandma or an adult sibling as an occasional visitor.
  • There are a total of 301,225,855* households in the US according to the last census--The breakdown of those members of the over 300 million households is as follows:
  • 114,931,864 Head of household
  • 56,115,309   Spouses
  • 91,921,935   Children
  • 21,154,322   Other relatives
  • 17,102,425   Non-relatives

Is this trend affecting your businesses? If so please comment below with the best guess as to just how it is affecting you and why.

 

 

 

 

*Source:Pew Research Social & Demographic Trends

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Jill Sackler 03/05/2014 10:40 PM
Topic:
ActiveRain Community
Location:
New York Suffolk County Southampton Hamptons
Groups:
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Tags:
the hamptons
2 master suites
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pew research center
multigenerational families

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Rainmaker
755,382
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

That's accurate. I hear multigenerational started as a means of coping with the economy but is sticking around as part of the modern family fabric.

Feb 27, 2014 09:30 AM #1
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Jill: Same here! It was a necessity of epic financial proportions and now it is a major trend here. Some buyers are even made up of siblings purchasing a home together for financial reasons....I kind of like that!

Feb 27, 2014 09:49 AM #2
Rainmaker
1,787,408
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Very in depth report on a phenomena we're seeing in the San Francisco Bay Area, too. Cultural preferences play a role, too. Nice job, Paula.

Feb 28, 2014 12:23 AM #3
Rainmaker
1,288,307
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Paula~ Awesome post! & I have to say "dependent on the location (for sure) we're seeing changes! Although I think it's a smart way to buy a home

Mar 03, 2014 12:24 AM #4
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Lottie: Sorry i didn't respond to your comment sooner but for some reason I was blocked by AR in commenting and responding to any and all posts for some time. In fact --I hope this works this time.

Mar 06, 2014 03:34 AM #5
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Jon: Thank you ---and as I told Lottie as well...I was being blocked in my repsonses to comments for some reason and I am just now finding the time to get back to you. It is becoming more and more difficult for me to participate here on Ar and can't figure out why....

Mar 06, 2014 03:35 AM #6
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Rainmaker
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Paula Hathaway, REALTOR, LBA

...The Most Informed Agent In The Hamptons!
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