“What do you think of the pumpkin pie?” your mom asks. “Hey, what do you think of the election? Do you think we should sell our homes and buy a big, new home together?”
Many topics will be discussed at Thanksgiving, including multigenerational housing. NAR’s Economists’ Outlook blog says that families are very influential when it comes to pushing multigenerational housing on potential homebuyers.
The living arrangements are becoming more common. This year, 11 percent of all buyers purchased a multigenerational home. The houses were typically 2,100 square feet with four bedrooms and two bathrooms, and purchased for $251,000.
The main reasons for purchasing a multi-generational home were for the health and caretaking of aging parents (19 percent), cost savings (18 percent), children or relatives over 18 moving back into the house (14 percent), to spend more time with aging parents (eight percent), and wanting a larger home that multiple incomes could afford (seven percent).
Advertisement
Related Stories
Sales + Marketing
New-Home Sales and Navigating the 3 D’s: Death, Divorce, and Downsizing
Here’s how home sales experts manage challenging lifestyle changes with and for their buyers
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners
