During the last decade the real estate market has seen a phenomenon that it has not experienced since the 1950s…a significant increase in multigenerational homes. According to a recent study, about 21% or 32 million Americans share a roof with their grown children or parents. A report by the National Association of Realtors (NAR) states that 13% of home buyers purchased mutigenerational homes last year.
There are several reasons prompting buyers to invest in this type of housing. Among them are:
- They are looking for ways to care for aging parents (22%, up from 19% last year)
- Cost saving (17%)
- Children over 18 moving back home while they attend school or save for a down payment (16%, up from 14% last year)
This shift may also be a result of some social changes over the past several years. The growth of racial and ethnic diversity in the U.S. explains some of this housing picture. Statistics indicate that the majority of the shared housing falls into these groups:
- Asians (28%)
- Hispanics (25%)
- African-Americans (25%)
- U.S. whites (15%)
The bottom line reads like this: Multigenerational households are making a dramatic comeback. At a time when housing prices continue to rise and housing inventory is at an all time low, this shift from the nuclear home offers a solution to many families today.
If you need financial assistance in purchasing your next home, and you do not qualify for a conventional loan, give us a call at 707-523-2099 We can help get you into the home that works for your family’s needs.