Multigenerational Homes Increase in Popularity
Noted in a recent NAR report, the popularity of multigenerational homes increased over the last year, as a rising number of homebuyers purchased larger residences compared to prior years, including millennials who continue to make up the largest share of homebuyers at 37%.
Millennials have been the largest share of buyers since 2014 report. The most recent data shows that 82% of younger millennials and 48% of older millennials were first-time homebuyers, more than other age groups.
According to the study, during the last year, 18% of homebuyers between the ages of 41 to 65 purchased a multigenerational home – a home that will house adult siblings, adult children, parents or grandparents.
Homebuyers ages 75 to 95 were the second most likely to purchase a multigenerational home, and were most likely to purchase senior-related housing, at 27%.
"There are a variety of reasons why large families and extended families are opting to live together, one of which is that it's a great way to save money," said Jessica Lautz, NAR's vice president of demographics and behavioral insights. "Also, in light of the pandemic, many grandparents and older relatives found that being under a single roof – quarantining with family rather than away — worked out better for them."
Source: News & Events, National Association of Realtors.
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