Multigenerational Families are Back in Lancaster,PA !

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Real Estate Agent with KW Elite
https://activerain.com/droplet/4XxK

From Empty Nest to Full House… Multigenerational Families Are Back!

From Empty Nest to Full House… Multigenerational Families Are Back! | MyKCM

Multigenerational homes are coming back in a big way! In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to a recent Pew Research Center report, the number of multigenerational homes dropped to as low as 12% in 1980 but has shot back up to 19%, roughly 60.6 million people, as recently as 2014.

Multigenerational households typically occur when adult children (over the age of 25) either choose to, or need to, remain living in their parent’s home, and then have children of their own. These households also occur when grandparents join their adult children and grandchildren in their home.

According to the National Association of Realtors’ (NAR) 2016 Profile of Home Buyers and Sellers, 11% of home buyers purchased multigenerational homes last year. The top 3 reasons for purchasing this type of home were:

  • To take care of aging parents (19%)
  • Cost savings (18%, up from 15% last year)
  • Children over the age of 18 moving back home (14%, up from 11% last year)

Donna Butts, Executive Director of Generations United, points out that,

“As the face of America is changing, so are family structures. It shouldn’t be a taboo or looked down upon if grown children are living with their families or older adults are living with their grown children.”

For a long time, nuclear families (a couple and their dependent children) became the accepted norm, but John Graham, co-author of “Together Again: A Creative Guide to Successful Multigenerational Living,” says, “We’re getting back to the way human beings have always lived in – extended families.”

This shift can be attributed to several social changes over the decades. Growing racial and ethnic diversity in the U.S. population helps explain some of the rise in multigenerational living. The Asian and Hispanic populations are more likely to live in multigenerational family households and these two groups are growing rapidly.

Additionally, women are a bit more likely to live in multigenerational conditions than are their male counterparts (20% vs. 18%, respectively). Last but not least, basic economics.

Carmen Multhauf, co-author of the book “Generational Housing: Myth or Mastery for Real Estate,” brings to light the fact that rents and home prices have been skyrocketing in recent years. She says that, “The younger generations have not been able to save,” and often struggle to get good-paying jobs.

Bottom Line

Multigenerational households are making a comeback. While it is a shift from the more common nuclear home, these households might be the answer that many families are looking for as home prices continue to rise in response to a lack of housing inventory.

Email  mikeperrykw@gmail.com  to receive a 25+ page Owners RPR Report updating your property's current Market Value .
 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Don Hess 11/22/2016 01:59 PM
Topic:
Real Estate Market Trends
Location:
Pennsylvania Lancaster County Lancaster West Lampeter Township
Groups:
ABR-Accredited Buyer Representatives
Keller Williams Active Rain Bloggers
Keller Williams
Keller Williams Realty Referral Group
Advice for Sellers
Tags:
penn manor homes for sale
west lampeter real estate news
solanco real estate

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Rainmaker
3,451,339
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Michael J. Perry,

You are so right..we are seeing many Multi-generational families. Austin is very diversified with many cultures living here and many carry on their tradition of caring for their parents as they age. Debb Janes EcoBroker and Bernie Stea JD is a wonderful example and like to read their posts on how its working for them. Thanks for sharing..very relevant post.

Nov 18, 2016 08:56 PM #1
Rainmaker
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Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

I think multi-generational living makes sense for many reasons... as long as one of them isn't to harbor lazy kids who don't want to work.

Nov 19, 2016 12:42 AM #2
Rainmaker
1,748,226
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

I haven't experienced it here in North Dallas but I know everyone else is talking about it. I think it's a great idea!

Nov 19, 2016 05:41 AM #3
Rainmaker
242,441
Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

My house is multi-generational. My daughter's family lives with us. It works pretty good. You get to spend a lot more time with the grand kids that's for sure. 

Nov 22, 2016 01:45 PM #4
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This post has had almost 400 views !

Feb 12, 2017 07:55 AM #5
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Now at 632 views !

Jul 30, 2017 06:19 PM #6
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Michael J. Perry

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