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)