National trends currently show there are more generations living beneath one roof than ever before. The most recent census data shows nearly 51 million Americans live in a home with a minimum of two adult generations. These numbers reflect roughly 16% of the total population. AARP reports that 7.1 million homes in 2010 saw multiple generations. This number was up from 6.2 million in 2008 and continues to rise. The trend reflects how the older populations now share living space with the younger. The 2010 multi-generational living growth rate alone was faster than the eight previous years combined together. As the age 65 plus population grows, this trend grows with them.
Besides the older generation’s multi-generational living, the younger generation joins them in this “multi-gen” lifestyle. Young adults age 25 to 34, known as the boomerangs, often make this choice too. This younger group often move back home since the tight job market provides much less stability than previous generations enjoyed. Surveys show an overall satisfaction with these living arrangements among the younger set.
Longer term commitment to a home becomes another important consideration with today’s current home buyers. Before the Great Recession, home buyers were more adventurous with home buying decisions. The “easy in” and “easy out” approach to home buying was really in vogue before the economic downturn. Now, though, home buyers take more time to study a variety of factors so they make a qualified home buying decision. Home buyers look at functionality and review many more criteria before they buy. Health issues faced by the elderly and “elder care” has many prospective multi-generational home buyers considering benefits of life under one roof. Financial security and the employment market show adult middle aged children face many challenging and changing demographics. Career paths cut have been short by the economy and elderly parents contribute financially. New college grads return home more often because the economy today offers less security for them. Therefore, when buying a home, rather than uproot for a new environment, the home buyer seeks a longer term investment that will serve many generations and multiple requirements.
Many homes on the market today have been remodeled to meet these demands. Can home buyers actually find builders meeting these needs for multi-generational living trends? The answer – definitely yes! The home inside the home is one such optin. Within the single family home, these plan parameters allow for maximum flexibility. The smaller home within the home often consists of a large bedroom, full bath and living area. Features found in the living area can include a kitchenette with refrigerator, microwave and a sink. Closets and stackable washer/dryer enhance the function as an independent home within the larger overall home plan. This inner home generally integrates with the main home so access to the space takes place from a foyer. Therefore, the actual overall home plan shows an exterior like any quality home plan. The little gem inside helps create a flawless combination of two homes in one!
The main home generally includes three bedrooms and then an open living room, dining room and kitchen flex space. These flexible home spaces offer free-flow living. Sometimes another master bedroom found downstairs or rooms that can double as office and bedroom are reflected in these diverse home plans. The smaller home in a home offers great potential within the main home. The space can be utilized for an in-home studio, business office, music room or workshop area. Maybe a boomerang child needs to return home and yet maintain their independence. An aging relative can move into the space. Easy access to and from the main home allows for comfort and a secure environment. The home in a home is also ideal for a nanny or for visiting friends and relatives who plan on a lengthy stay. All residents can maintain privacy for their own autonomy and activities and access the rest of the home and family when applicable.
Overall, the multi-generational home can reflect more cost-effectiveness and longevity than maintaining two separate residences. The home plans take into consideration the needs, requirements and unique space configurations multi-generational friendly home buyers desire. Wider doorways, brighter lighting, grab bars, low-pile carpeting are some amenities that provide added functionality within the home. Experienced buyer agents can give advice and recommendations on the homes most suited to the multi-generational home buyer. Buyer representatives can also assist with zoning laws to make certain the home meets required zoning criteria overall and for projected needs in the future for those wishing to secure a home with a longer term commitment.
Some multi-generational home plans include an adjoining inner door. Left open, the area is designed to look as if intentionally part of the main home living space. Closed, however, it can create two separate homes simply through the door! These flexible home plans give the home buyer an opportunity to use the space how needed and when needed.
Multi-generational living can create many beneficial scenarios for the home buyer. Home buyers can choose many scenarios dependent on changing events in their lives. They can buy a multi-generational flex space home now and have a place for different dynamics as the years unfold. Perhaps younger children need care and the elders can offer their help now. Later, the situation can reverse when or if the elder requires care and support. Forethought prepares the family for the future. The extra space now might serve as a home office then later converts to a hobby hideaway. College kids home for the summer? They might even decide to return to stay longer after graduation while in transition from school to full time career and the multi-generational living arrangement proves highly appealing.
Interested in multi-generational living? Then check out this fabulous listing: 8914 Laurelwood Lane, Marvin, NC This immaculate home includes a 1200 guest home and is all situation on 5+ acres.
Whatever generation, Leigh Brown and Associates has experience with all of them! Our best buyer agents have a wealth of home buyer experience to offer. You are in good hands with our team! We are always there for you – just a telephone call or email away! www.SeeCharlotteHomesNow.com or 704.705.7036!
