Buyers purchasing multi-generational homes during the pandemic rose to a series high of 15%,according to the 2020 Profile of Home Buyers and Sellers report. Home buyers who purchased a multi-generational home have been tracked since 2012. The impetus to start tracking the share of multi-generational home buyers was the impact of the Great Recession and the knowledge that many families at the time were doubling up. After retreating for several years, the share has now increased, but for different reasons.
Pre-pandemic there was an even split between buyers who purchased a multi-generational home for aging parents and for adult children boomeranging back or never leaving. Now the top reason to purchase a multi-generational home is for aging parents to move into the home. The data does not indicate where they are coming from, but a mix of assisted living, nursing homes, and living independently is probably the case. This is likely for caregiving for the older relative, but also caregiving for children who are now at home, with closed childcare facilities and limited in-person schooling. There is some data from consumers to support the fact that this living situation is a permanent change. While the concern of COVID-19, loneliness, or childcare needs may have driven the change, the new paradigm may be here to stay.
Source: National Association of Realtors blog.
Considering selling or purchasing a Bucks County multi=generational home?
Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on pricing and an overview of our comprehensive marketing package that includes, home staging, brokers' open house, virtual tour, video tour and social media sharing.