Whether it’s to be close to family, to take care of parents or grandparents, for financial reasons, or any number of other reasons, multigenerational homes are becoming more and more common.
But what exactly is a multigenerational home, and why are more people choosing to live in them?
What is a Multigenerational Home?
A multigenerational home is pretty much what it sounds like: a home where more than one generation of a family lives, whether that’s parents and their adult children, adult grandkids and their grandparents, or any mix of arrangements.
This style of living used to be more popular back in the 1950s, with around 21% of households hitting multigenerational status. But by the 1980s, those numbers were down to only 12%. In more recent years, however, that number has jumped back up, coming in at around 20% now.
The Reasons Behind Multigenerational Living
Over 64 million Americans now live in a multigenerational household, so why are we seeing this trend reoccurring in 2019, more than 50 years since it was last popular?
In the Pew analysis, the numbers showed that multigenerational housing was most common among Asian and Hispanic populations—coming in at 39% and 27%, respectively. Researchers credit this to two main reasons. First, both of these populations are growing more rapidly in the US than the white population. Secondly, many more Asian and Hispanic citizens were not born in the US, which also increases the odds of a multigenerational living style.
When you break the numbers down based on age group, young adults are the most likely to live in a multigenerational household. Previously the title went to adults ages 85 and up. Oftentimes, young people cite taking care of their aging parents (or just spending more time with them) as a top reason to move home.
While the housing market has gotten better in the past ten years, many young people still struggle to afford new homes. In fact, 83% of people with student debt who haven’t bought a house yet blame their loans. After all, handling a mortgage and loan repayment is possible, but less than ideal for many buyers. While saving up for a down payment, living with parents means less of a financial burden.
In addition to multigenerational homes being more cost effective, there are a number of other benefits, as well. Researchers from the University of Oxford found that children who lived with their grandparents had fewer emotional and behavioral problems. Researchers from Boston College found that close relationships between grandparents and adult grandchildren reduced depressive symptoms.
Ready to Find Your New Home?
Whether you’re moving with family or looking for your own place, there are plenty of housing options around the Jersey City area. Take some time to browse my buying resources, and narrow your home search down based on the specific features you want and need.
Once you’re ready to kick off your real estate journey, just give me a call!