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:
“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”.
“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.
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.