The American Dream was to grow up, buy your own home in the suburbs with the white picket fence, and live happily ever after. But the dream and the modern reality are heading further and further apart. 16 percent of the population is now living in multigenerational households and that number is rising quickly.
Foreclosures, short sales, layoffs, baby boomers retiring, health issues, traditional immigrant living patterns, the list goes on and on why the housing demographics are changing, but the reality is that multigenerational housing is making a comeback.
As real estate professionals, are you selling into this market, because it is one. Mortgage professionals, are you targeting these folks? People talk about the excesses of a “McMansion” but if multiple generations are living in the house it makes perfect sense.
And 16 percent of the housing market living this way is not joke.
The trend to bring extended families together in one home has been growing since 1980, driven by an influx of new immigrants as well as other social and cultural changes, according to the report. But the trend accelerated as the economic crisis sent many families reeling.
Now 49 million Americans — 16.1 percent of the population — live in homes with multiple generations. Many include adult children in their 20s.
Young adults are less likely to be married than they once were. The typical age of first marriage is five years later than it was in 1970 — 28 for men and 26 for women.
In a tough job market, many still live with their parents. Pew’s analysis showed that 37 percent of 18-to-29-year-olds in 2009 were either out of the workforce or unemployed, a nearly four-decade high. The figure includes some college students. via the Washington Post
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Boy I hope that my kids aren’t still living with me at 29. As much as Iove them.