Get ready, the housing market is going to go through a big change. That change is multigenerational living and it is booming all over the country, including in the greater Raleigh real estate market. In the real estate industry, multigenerational housing refers two or more generations living under the same roof. The concept is not new, but today’s design and demand for such housing has really changed.
What is a Multigenerational House?
The term “multigenerational” refers to two or more generations, in this case, living under the same roof. A multigenerational home is essentially two private homes built into one providing families the opportunity to reduce financial expenses and emotional stress.
Benefits of Multigenerational Homes
The new multigenerational houses are built to allow families to live in an affordable home where everyone still has their own personal space. The homes typically have private entrances, a second full kitchen and even private parking. Custom builders are also equipping them to be handicap accessible with wider door frames and other features.
Nowadays, many families are choosing to sell their existing homes in favor of buying a multigenerational-style home. Young couples who buy multigenerational homes can benefit from the live-in daycare of their parents, while keeping a watchful eye on their health and well-being. This housing option gives elderly parents the opportunity to maintain their independence while enjoying the benefit of financial support, resulting in a higher standard of life for all.
When mom and dad, and grandpa and grandma have separate homes they each have housing expenses, too. That means double the mortgage payments, insurance, taxes, utilities bills, HOA dues, lawn maintenance and repairs costs. Many families are pooling their financial resources together by selling their current homes to purchase a single multigenerational home.
Out with the Old, In with the New-Gen
In-law suites: half the cost, half the space. Multigenerational homes are totally different from the in-law suite of the past. If you were lucky, the in-law suite would have a kitchenette and sitting area, but most were really just a first floor bedroom with a private bath. The communal living spaces of the home were still shared, leaving the family a lack of privacy and feeling cramped.
Build Today and Plan for Tomorrow
Aging Baby Boomers and millions of Millennials mean generational homes are built to last in the City of Oaks. A multigenerational home can provide a better living situation for all because the new designs offer privacy that the in-law suite of the past could not while giving Boomerang kids a place to land, too.
Developers are recognizing the growing need from the huge boomers and millennials combined population and are beginning to build neighborhoods to accommodate this influx. National builders, such as Lennar and Stanton Homes, have entered the Wake County housing market with entire communities being built to meet the rising demand.
Linda Craft & Team, Realtors has a lot of experience helping families in multigenerational situations. Check out her latest video here: