More buyers are looking for homes that allow their extended families to live with them.
Affordability challenges and a lack of accessible elderly care are changing prospective homebuyers’ needs. According to National Mortgage Professional, which cites survey data from home loan provider Veterans United Home Loans, approximately 28% of buyers plan to purchase homes designed for multigenerational living. The largest cause for the growing demand for this type of housing is to care for aging parents, according to 29% of survey respondents. Additionally, 21% of prospective buyers say they want multigenerational homes so that extended family can help with household expenses. Another 27% say that grandparents are financially enabling their family to live in better neighborhoods.
The survey also reveals stark generational differences. 36% of Gen X buyers plan for multigenerational homes — the highest among age groups — followed by 28% of Millennials.
For these buyers, motivations vary: Gen X and Baby Boomers are more likely to house adult children, while younger buyers — 44% of Gen Z respondents — cite financial support as a key reason for living with family.Read more
