Demand for homes that can accommodate more than one family is on the rise, according to data from the National Association of Realtors.
Nearly one in five Americans are now living in a multigenerational home, defined as a household that contains family members from two or more generations. That’s the highest level since 1950 and translates into more than 60 million people.
According to Pew Research, the most common type of multigenerational household consists of two adult generations, such as parents and their adult children. Three-generation households – grandparents, parents, and grandchildren — are the next most common.
Young people often live at home even after entering the workforce to pay down student debt and save money. Older adults often move in with their adult children as an alternative to moving into assisted living housing. Talk to us about your lending options, if you are looking to buy a home for your family.