Moving back in with your parents after a few years? You’re certainly not the only one!
Maybe your loved ones are growing older, and you want to spend more time with them, or they need a little extra help around the house. Maybe finances are tight, and you’re saving up for your own place.
Whatever your reasoning may be, multigenerational households are on the rise—and they provide some major benefits.
The Basics of Multigenerational Housing
The only qualification for a home to be multigenerational is, well, there’s more than one generation under the roof—whether it’s parents and adult children, adult grandkids and their grandparents, or any other combination.
Until recently, multigenerational households hadn’t been popular—or even common—since the 1950s, when around 21% of the population lived in a multigenerational home. That number continued to tick down over the years, but as of 2009, it’s been on the rise.
Currently, around 20% of the population lives in a multigenerational home, making it the second-highest percentage in recent history!
Reasons Behind Multigenerational Housing
There are several major reasons why people have started moving back in with older family members. The most common reason is to take care of aging parents (26%), closely followed by spending time with parents in general (14%). Previously, adults ages 85 and older were most likely to live in multigenerational homes. Now, the title goes to young adults ages 25 to 29.
Additionally, growing diversity may play a part in those numbers. According to the Pew analysis, Asian and Hispanic populations—both of which have grown rapidly—are more likely than others to live in multigenerational homes, coming in at 29% and 27% of the population, respectively.
Lastly, student loan debt might be a big factor in multigenerational homes. For people ages 22 to 35, 83% blame their student loans for preventing home ownership. Seeing as how the average borrower owes over $30,000, they might be onto something!
The Surprising Benefits
Not only do multigenerational households make financial sense for many people, they also boast a number of benefits. According to a study from the University of Oxford, children who grow up close to their grandparents often have fewer emotional and behavioral problems and can cope with traumatic events better. Also, researchers from Boston College found that when adult grandkids have close bonds with their grandparents, both groups report reduced depressive symptoms.
Understanding the benefits helps put into perspective why a staggering 41% of Americans are now in the market to buy a multigenerational home!
Linda Craft on Multigenerational Housing
Find Your Multigenerational Home in Raleigh
Raleigh has a wide variety of large, private homes for sale, perfect for multigenerational housing. If you’re looking to make the move with a few family members, then Linda Craft & Team REALTORS® is more than happy to help.