Our average age is going up here in the US. Maybe we are eating right or exercising more or are getting better healthcare or playing less video games (ha!)… It’s easy to say it’s a combination of many things but the average age is now 78 years old! What does this mean? 41% of Americans searching for a home are looking for one that has enough room for several generations in one home. You may wonder how the oldest in your family will be able to live on their own and a Multi-Generational home is an easy answer.
When you find a home with enough space to accommodate more than one generation, it’s a much more affordable way to take care of a parent who is getting above average in age or quite simply, you just want to spend more time together. In fact, a recent study by the NAR, the top reasons to buy a multi-generational home shows 26% do so for health/caretaking reasons while 14% is for more time…
Another interesting set of data comes from Pew Research Center showing 1 in 5 Americans (64 Million of us) are living in multi-generational homes and this is a record number. The 1960’s through 1980’s were the lowest years and the trend has been on the rise ever since. There are benefits for all members of the family – not just the grandparents – and not just about money!
Boston College Institute on Aging
“The key findings were that for both grandparents and adult grandchildren, affinity reduced depressive symptoms…”
“…those with a high level of grandparental involvement had fewer emotional and behavioral problems”
Bottom Line: Looking to buy or sell a home that would be a good fit as a multi-generational home? This one is about family and you always have a financial home with The Mortgage Professional. Comment below or reach out any time.