Multi-generational housing has been on the rise and it has become one of the latest trends that real estate professionals are noticing. Some statistics to demonstrate the rising interest:
- In 2021, approximately 1 out of 10 homebuyer purchased a multi-generational home.
- The number of people living in a multigenerational household has nearly quadrupled over the past 10 years. There was a 271% increase from 2011 to 2021 (7% vs 26%)
- More than 70% of those currently living in a multigenerational household plan to continue doing so long-term.
Interestingly, a recent study found that more than 10% of San Diego residents live in multigenerational households, making San Diego the ninth in the country with the most multigenerational households. See special report interviewing five local families and their reasons for living together.
What is a multi-generational home?
A multi-generational home has two or more adult generations living together. A common example is grandparents and their adult children sharing a home together.
The cause of the rise is in part due to the 2020 pandemic where many young families were struggling to find childcare support while juggling remote work and increased home/family responsibilities. Among those living in a multigenerational household today, over 55% say they started or are continuing to live with multiple generations because of the pandemic.
A report from Generations United surveyed those living in a multigenerational households and found the following key benefits of such living arrangements:
- Financial Strength and Stability – Combined finances generates strong homebuying power, which opens more housing opportunities that may have been initially out of range. Additionally, 76% multigenerational households reported improved finances for at least one family member.
- Shared Caregiving Opportunities – A welcomed benefit for young families where grandparents can offset the caregiving responsibilities and be more than happy to do so. 79% multigenerational households cited relationships among family members were enhanced. This additional time together even creates a positive impact on personal mental and/or physical health, especially for the elderly.
- Additional Personal Time – With extra support, individuals living in multigenerational households gained time and opportunity to continue school or enroll in job training.
Multigenerational living may be a win-win solution for your families. We can help you find a home that meets your families’ evolving needs and desires!