The graph below shows the number of people by generation that purchased a multigenerational home because they will either be taking care of an aging parent or they just want to spend time together.
Of those buyers, 26% indicated they will be taking care of an aging parent, and 14% said they want to spend time with an aging parent. These numbers do not come as a surprise. According to Pew Research Center, 64 million Americans (20% of the population) lived in a multigenerational household in 2016 (Last numbers available).
An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren and adult children, but for the grandparents as well. According to these two resources:
University of Oxford
“Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school”.
Boston College
“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups”.
This research gives helpful insight into why 41% of Americans are in the market to buy a multigenerational home.
Not only are there emotional benefits but financial ones as well. The costs of continuing to pay a mortgage or monthly rent plus the possibility or necessity of in-home care could mean thousands of dollars a month. Sharing a home with other loved ones means reducing these monthly expenses considerably.
Bottom Line
More and more people are realizing the benefits of sharing a household among multiple generations. Not many homes exist in the Billings, Montana area to accommodate more than one family. Why not build a home in Annafeld to suit your specific needs? Many of our new plans are designed with options for multigenerational living.
