Is Multi-Generational Living Becoming a New Norm?
I don't know about you, but I get rather frustrated when I read articles commenting negatively about multigenerational living, such as college students "still at home" and "sponging off parents!" What!?!?!?!? We encouraged our kids to stay home for college for several reasons including the fact that it made excellent economic sense - like no massive student loans for either of us!
Now, they are all doing great in their own homes with their own families and we are quite proud of all of them.
My senior parents moved in with me when my dad's health declined. After he passed away, my mom stayed with me and we've made a great team together as well as enjoying the grandkids over the years. And again, it made great economical sense.
I love helping real estate clients who also want to look for multigenerational options for their families for their own economic, health-related, or other needs and desires. And it's great to read positive aricles, like this one by a fellow Keller Williams Realty agent, Heidi Kelley, of Rhode Island.
If YOU are ready to look for great multigenerational options in homes for sale in the Roseville California area, do give me a call at 916-768-0127 or email me at KayeSwainRE@gmail.com - and have a GREAT DAY.
Is Multi-Generational Living Becoming a New Norm?
I've been reading a lot about the Millennials' student loan debt and how it's affecting the housing market. Being that the Millennials mostly make up the "first time home buyer" market they are holding off on buying, or buying in a lower price point then what they have been approved for if they even buy at all.
These young adults are now starting family's and are not only burdened with student loan debt but also astronomical costs to rent. If they choose not to buy and they can't afford to rent that leaves them with moving back home with Mom & Dad.
According to a Pew Research Center report dated July 2014 "In Post-Recession Era, Young Adults Drive Continuing Rise in Multi-Generational Living."
Between 2000-2012 the multi-generational household rose from 15% to 18%, and you can bet it's going to keep rising for the foreseeable future.
Now let's talk about the Baby Boomers who built their "McMansions in the suburbs" during the 1980's & 1990's when bigger was better. Some of them are ready to downsize, but who can afford to buy their houses? The Gen X's & Gen Y's already own smaller homes in which they are raising their children in. They aren't moving up due to the economic devestation that 2008 brought. They lost jobs, savings, good credit and some lost their homes. They are struggling to regain some of their loss and save money to send their kids to college. We know the Millennials aren't buying McMansions, so where does that leave the Baby Boomers?
Enter the idea of multi-generational living and creative housing solutions.
If you can't sell it then change it. Consider renovations to your home and your way of life. This will allow you to age in place and bring new people into your home and start to live differently. This idea of multi-generational living isn't new. At and before the turn of the 19th century this was the norm. Children didn't leave the house and older parents were taken care of by their children. Everyone was under the same roof-but maybe on a different level.
The clients I've had this year are making the choice to live together. Mom & Dad, kids and grandkids. They are making it work because it's the best situation for all involved.
Is Multi-Generational Living Becoming a New Norm?
For me and my mother it certainly is.
And I'm very glad to see that!
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