Texas REALTORS® 2018 Winter Meeting | Feb. 9-13 | Austin, Texas

What young adults and seniors have in common

Translate this page
The front exterior of a brown two-story home with wide trim and a stone foundation.

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.

Categories: Research
Tags: multigenerational households, research, texas homebuyers and sellers report

advertise with us

Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

Advice for REALTORS®

5 ways smart-home tech affects real estate transactions

5 apps that can keep you safe in—or before—a crisis

Is the eviction process different for manufactured homes?

3 places you can find free marketing content

Subscribe

More advice for REALTORS®