Multigenerational Home Demand Jumps Due to Pandemic

The multigenerational home designs of the Lake Club section of the Lakewood Ranch community in Florida meet the growing desire for generations under one roof. One example offers separate wings for a 91-year-old grandmother and a 26-year-old son. That's just one example of the kinds of families adding to the growing demand for multigenerational homes thanks to the pandemic. The Washington Post reports that from April to June 2020, homes purchased for multigenerational households increased by 15%. The National Association of Realtors says it’s the highest percentage of multigenerational home purchases since it began tracking the data in 2012.

Multigenerational households include adults bringing their parents to live with them for caregiving purposes or to help with child care. In addition, multigenerational households can include adult children living with their parents for cost savings or because they prefer to share a home. During the pandemic, NAR researchers found the top reason to purchase a multigenerational home was for aging parents to move into the home. Before the pandemic, multigenerational home purchasers were evenly split between those with adult children moving back home and aging parents.

Planned to be family-oriented
Lakewood Ranch, one of the largest planned communities in the country with 50 square miles of property, has been the best-selling multigenerational community in the country for nine years, according to RCLCO, a real estate consulting firm. The community has more than 41,000 residents; a hospital; schools; a main street with theaters, shops and restaurants; a farmers market; sports complex; the Sarasota Polo Club; three town centers; five neighborhood shopping centers; and more than 120 miles of trails.

Read More