Multigenerational Housing Will Be A Conversation Topic At Thanksgiving

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November 22, 2016

“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).

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