More Generations Live Under One Roof This Year | Staten Island Real Estate Update


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More Generations Live Under One Roof This Year |  Simplifying The Market

This year we were challenged to reprioritize everything – from the way we use our time to where we work, how we socialize and get together, and our needs at home. For many this has also meant decisions on how best to support and engage with our extended families, near and far.

In some cases, we were unable to see our relatives and loved ones who lived in senior facilities. In others, perhaps older children have moved home. Jessica Lautz, Vice President of Demography and Behavioral Understandings for the National Association of Real Estate Agents (POMEGRANATE), says:

Many families have an elderly elderly relative who lived independently or in a nursing home and wanted to relocate them to their home.

These changes have led more homebuyers to invest in multi-generational homes to accommodate longer-term plans. A multi-generational home, according to the 2020 Profile of Home Buyers and Sellers of NAR, is a home that has adult siblings, adult children over the age of 18, parents and / or grandparents in the home.

Recent study of NAR shows that since the health crisis began, there have been growing purchasing trends for households that respond to this dynamic:

“Buyers who bought after March were more likely to buy a multi-generation home by 15% compared to 11% who bought by April.”

There are many reasons for this increase in preference to multi-generational homes. The chart below shows the top two reasons and how they have increased this year:More Generations Live Under One Roof This Year |  Simplifying The Market

Bottom Line

More homeowners are making arrangements to accommodate their loved ones so that they can safely take care of them at home. If you find yourself in a similar situation, let’s connect to discuss your options in our local area and maybe even have your whole family under one roof by next year.

Content previously posted in Keep Current Things


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