What young adults and seniors have in common
07/31/2014 | Author: Editorial Staff
You may have noticed more buyers looking for homes that will accommodate aging parents or young adult children moving back home, and there’s a good reason: A record 18% of the U.S. population lived in multigenerational households in 2012, according to a recent Pew Research Center report.
Pew says that that while historically, older Americans were most likely to live in a multigenerational household, now young adults age 25 to 34 are more likely to live in such a situation. And according to the 2013 Profile of Buyers and Sellers Texas Report, 23% of all buyers purchased a multigenerational home due to children over the age of 18 moving back into the house.
What’s driving young adults back home?
Lack of income is one reason, but the Pew report says it may also be related to young adults’ “delayed entry into adulthood,” or their tendency to marry at later ages and stay in school longer. That also means they’re waiting longer to become homebuyers, too.
The report also contributes the long-term increase in multigenerational housing to America’s evolving racial and ethnic composition, noting that racial and ethnic minorities generally have been more likely to live in multigenerational households.
What multigenerational households mean for you
An increase in multigenerational households means an increase in this type of buyer, too. Be prepared to assist multigenerational families with their housing needs. For instance, many are looking for spaces that are designed as “homes within homes,” with separate entrances and multiple kitchens and living areas. But remember, multigenerational household situations can be more complicated than a parent willing to support a young adult. Find out if your multigenerational buyers are dealing with unique circumstances that you can provide recommendations or resources to help handle.
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