Once the pandemic reared its ugly head, some families who were in the midst of planning housing for their aging relatives had to reevaluate. With the outbreaks in senior housing centers, some families opted to keep their aging relatives under their same roof. Multigenerational living is just another trend that accelerated due to the pandemic, according to Realtor.com. On top of health concerns, the pandemic created financial distress, another stressor that could be relieved with multigenerational living. Once stay-at-home orders went into effect in March, Realtor.com says there was a 4% increase for multigenerational home purchases compared to prior to the pandemic.
Tiffany Lequerique-Considine, 37, and her partner, Steve, 48, were trying to figure out a more supportive living arrangement for his 88-year-old mother at the beginning of this year.
The couple knew that the 10,500-foot elevation of their hometown of Breckenridge, CO, would not be ideal for her health. The family talked about a nursing home, but they weren’t thrilled about the cost and had other concerns—and then COVID-19 struck, highlighting the risks to the vulnerable residents of such facilities.
So the family decided to buy a home on lower ground, in Lequerique-Considine’s home state of Florida. They purchased a duplex in Naples whose two units each had two bedrooms and two baths, plus 3 acres for their horses, for $375,000. A comparable property in Colorado would have cost close to a million dollars.