Look Who's Choosing to Live in Multigenerational Households.......

An interesting report came out from the National Association of Home Builders about multigenerational housing. There were 3200 respondents. 39% of buyers said they want a multigenerational home, 39% said no.

Here is a breakdown by ethnicity in favor of a multigenerational home:

  • 53% of Hispanic

  • 50% of African Americans

  • 46% of Asian Americans

  • 35% of Caucasian buyers

Since the pandemic, the number of multigenerational households has increased. According to data from the National Association of REALTORS®, about 16% of buyers have opted for multigenerational homes since the start March 2020 compared to 11% the year before.

Some reasons for moving into a multigenerational home:

  • Need to care for and desire to spend more time with older parents

  • Cost savings and the ability to pool several incomes

  • Family support during the crisis

As things open up, it will be interesting to see if this trend continues. Stay tuned!

Source: “Buyers Are Split on Multigenerational Homes,” National Association of Home Builders’ Eye on Housng blog (April 7, 2021)