For your grand-parents or great grand-parents it might not have seemed all that odd for multiple generations of family members to live under one roof. Amongst other cultures it’s fairly standard as well. What about our generation though? In recent decades it’s the norm for kids in the U.S. to go off to college and immediately move into their own homes or rentals, and likely never move back in with mom and dad – but after the recession, everything is beginning to change.
An entire generation of young people that were just getting started in their careers in the middle of the recession were left with little job prospects and significant student loan debt. Many are left with no option but to move back in with mom and dad. To create a happy medium between saving money by living under one roof and needing privacy from your adult children – the multigenerational home emerged.
Multigenerational homes often offer entire living quarters as part of the home, but separated from the main living area. Sometimes they even have their own garage entry, kitchenette, washer/dryer, living room and separate bedroom.
On the opposite end of the spectrum from adult children living with mom and dad, more and more aging parents are moving in with their children and their families. Single grand-parents living on their own might enjoy the company of their children and grand-children under one roof. It gives the younger generation a chance to spend more time with their parents, or to take care of ill parents. Additionally, the grand-parents may even be able to assist with the home expenses or help their children cut down on childcare costs by taking care of the grand-kids. It’s a win-win.
It’s no surprise that young boomers (ages 52-62) make up the highest percentage of those purchasing multigenerational homes with a total of 20% of total purchases in this age bracket. This likely represents parents of grown children that are still living at home, who want a little privacy in their would-be empty nest years.
While multigenerational homes are the norm in many other cultures it’s a new concept for most families in the U.S., but in our ever-changing economy it offers a great deal of cost savings and peace of mind. It also gives families the chance to bond and spend more time together, especially grown children and their aging parents.
Jacksonville and Saint Augustine offer great options for multigenerational homes. Many builders in the area are beginning to answer the demand for these options in new homes. Ann and Jeanie will be happy to bring you to the neighborhoods with the best multigenerational homes in the area’s most desirable areas and school districts.