Did you know that one in six Americans currently live in a multi-generational household?
Our friends at industry resource KCM and Generations United, report that the number of multi-generational households rose from 42.4 million in 2000 to 64 million in 2016. The 2018 Profile of Home Buyers and Sellers from the National Association of Realtors shows that 12% of all buyers have a multi-generational household.
The benefits to multi-generational living are significant. According to a posting from Toll Brothers, ranked the number one home builder worldwide:
“In recent years, there’s been a steady rise in the number of multi-generational homes in America. Homeowners and their families are discovering new ways to get the most out of home with choices that fit the many facets of their lives.”
Their piece explains the top five benefits of multi-generational living. Here is the list, along with excerpts from their article:
1. Shared Expenses
“Maintaining two households is undeniably costlier and more rigorous than sharing the responsibilities of one. By bringing family members and resources together under one roof, families can collectively address their expenses and allocate finances accordingly.”
2. Shared Responsibilities
“Distributing chores and age-appropriate responsibilities among family members is a tremendous way of ensuring that everyone does their part. For younger, more able-bodied members, physical work such as mowing the lawn or moving furniture is a nice trade-off so that the older generation can focus on less physically demanding tasks.”
3. Strengthened Family Bond
“While most families come together on special occasions, multi-generational families have the luxury of seeing each other every day. By living under one roof, these families develop a high level of attachment and closeness.”
4. Ensured Family Safety
“With multiple generations under one roof, a home is rarely ever left unoccupied for long, and living with other family members increases the chances that someone is present to assist elderly family members should they have an accident.”
“One of the primary trepidations families face when shifting their lifestyle is the fear of losing privacy. With so many heads under one roof, it can feel like there’s no place to turn for solitude. Yet, these floor plans are designed to ensure that every family member can have quiet time… [and] allow for complete separation between the generations within the household.”
A local realtor — like Mari Sennott and Associates — can assist you in identifying homes on Cape that could address your particular requirements for multi-generational living. Please contact us at 508-568-8191 or at [email protected] We’d be happy to help.
Looking to update your home before selling?
There are two areas that buyers seem to pay the most attention to: kitchens and bathrooms. Both are potential big ticket items that can impact an offer, if the buyer feels that they’re in need of improvement.
One way to update the kitchen that’s gaining popularity is replacing the microwave over the stove with a hood.
To learn more, check out this article in the most recent edition of Realtor Magazine.
To simplify the home buying process, prioritize your needs.
Enjoy your week…
Mari and Hank