"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:
- More bedrooms with 2 masters, one being a main floor master suite.
- Finished lower levels (basements) with sleeping space are always required.
- 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