Microblog #25: Multigenerational Living Shifts Housing Market

It’s Time to Move Beyond the “Millennial in the Basement” Stereotype of Multigenerational Living

 

In 2014, 19% of all homes had more than one generation under the roof – the most since 1950. The stigma of adult children living at home or living with grandparents is slowly fading. This is partly due to the Great Recession and to the aging population of baby boomers. But rather than being a burden, these shifts can sometimes be beneficial to the entire family, as explained in a recent Curbed.com article.

 

A 2016 real estate survey found that 44% of homebuyers want to accommodate either elderly parents or adult children. The market is now scrambling to meet the demand for homes with separate living spaces. Many homebuilders are now considering plans that include separate suites with private entrances and kitchens, and some are advertising houses purpose-built for multiple generations as “two homes, one price.”

 

As policy makers look into the future of housing, these changes should be embraced by local planners, developers, and real estate agents. Practitioners should also look for ways to make housing choices available to families of immigrants and those of more modest wealth, who are more likely to seek a multigenerational household.

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