Living with your in-laws? Many would swiftly deny the offer, but an increasing number of young families are welcoming the idea of their parents and in-laws living together under one roof. The reevaluation of family and priorities resulting in multigenerational living is just another result of the COVID-19 pandemic. One family, two young parents and their 5-year-old daughter, moved onto an 8.5 acre, $2.6 million five-bedroom home with both sets of parents. Now, the grandparents are able to see their grandchild every day and the parents can ensure the safety of their aging parents, says the New York Times.
“This was a once-in-a-lifetime opportunity that I didn’t want to miss,” said Edward Crafts, a retired opera singer who now sees his granddaughter daily. “It was just a product of this crazy-hot real estate market that we were able to put it all together.”
The pandemic hasn’t just reshaped the housing market — for a growing number of homeowners, it’s remaking the household. After years of slow growth, multigenerational living is on the rise. As members of the baby boom generation move into their 60s and 70s, many are being called upon by their adult children for help raising their young children, while others are looking for ways to care for their aging parents.
With prices for single-family homes soaring in much of the country, consolidating generations under one roof can mean more buying power, which in turn can provide access to less competitive segments of the housing market — namely the higher end where the larger homes are. (Buyer beware: It can also mean reliving family get-togethers every day of the year.)
“I think this could be a trend that’s here to stay,” said Jessica Lautz, the vice president of demographics and behavioral insights at the National Association of Realtors, a large trade group.