The real estate industry is taking notice of the rise in multigenerational living! It’s a term we are hearing often out “in the field”.

This trend bottomed out in the U.S. and reached a low in the 1970s, multigenerational households have more than doubled from 1971 to 2021. Today, one in five Americans live in what we would “define” as a multi-gen home! 

SOOOOO… What Is a Multigenerational Home?

It sounds fancier than it is. A multi-generational home includes multiple generations of a family living together, such as parents with young adult children or grandparents with grandchildren. There ya have it, pretty straightforward! 

Rising housing costs, student loan burdens, and the appeal of family support are driving this trend. It’s important to note the pandemic has also made assisted living less appealing, prompting more elderly Americans to move in with family.

Multi-generational living can present challenges though, such as clashing lifestyles and lack of privacy.

One of the biggest challenges in multi-generational living is navigating relationships and adjusting to new family dynamics. Roles often change, especially between parents and adult children, making it difficult to find a new balance. Don’t expect Mom to still do your laundry! Maybe cooking her famous pot roast every now and then would be an acceptable expectation. 

It’s important to remember there’s no one-size-fits-all approach to multi-generational living, so you do you and ultimately decide whether the pros outweigh the cons.

However, let’s not ignore the benefits this living dynamic can offer, including in-home childcare, pooled financial resources, and shared expenses. The emotional benefits are significant, too; younger adults may seek independence, but older family members often appreciate the companionship, which helps alleviate loneliness. 

As this lifestyle becomes more common, the real estate market is starting to adapt. I will say many homes and apartments are still designed with nuclear families or young professionals in mind. Sheesh, I’ve seen apartments prioritize pet washing stations over layouts that would accommodate 2 primary suites. HA! 

BUT, we’re getting there slowly.  As economic and cultural factors continue to drive this trend, the real estate industry is starting to respond to the growing demand. 

Let me know if you’ve seen this trend lately, maybe even in your own family structure. If you find yourself needing to find a new space that works for everyone I can help with that too. 

- The Gems at Black Diamond Real Estate Group