Rising home prices, childcare costs, student loan debt, and healthcare expenses are bringing families together.
According to Realtor.com, multigenerational living arrangements are making a comeback. Recent data from Pew Research found that 19 percent of the population lives in a household with two or more adult generations, the highest share since 1950. Some 60.6 million adults live with family, up from 57 million in 2012.
Economic issues, along with longer life expectancies, are among the reasons why parents are moving in with their grown children, and why young adults are moving back in with their folks after college. Also, multigenerational housing is commonplace in Asian and Hispanic communities.
“As home prices increase, more families tend to opt for living together,” says Valerie Sheets, a Lennar spokesperson. “Everyone is looking for the perfect home for any number of family situations, such as families who opt to take care of aging parents or grandparents at home, or millennials looking to live with their parents while they attend school or save for a down payment.”