How does living with your parents at the age of 40 sound?
For most people this would not be the most ideal living situation, but for families around the U.S. this option is becoming more and more appealing through the development of multi-generational homes. CBS Moneywatch says that “U.S. families have been moving back in together, in order to save money, ever since the Great Recession.” Now this isn’t like living in your parent’s basement post-college. These are homes that have been developed to not only house a full family, but also include relatives such as in laws or it can be used as an Airbnb.
Why Are Multi Generational Homes on The Rise?
Home developers all over the United States have adopted this building philosophy and integrated it into their products line because of its affordability and practicality. Due to the rise in market prices over the last couple of years, purchasing a home has become a very fiscally stressful process, especially if the home you are looking at is in a major city. Often, large cities can be insanely expensive and leave buyers with large mortgage payments that push their budget. But with multi-generational homes, buyers are able to allow other family members, or renters to live in their home while also paying a monthly rent in order to sustain financial buoyancy. Tony Green, a managing partner at Pinehills LLC says, “Multigenerational families living under one roof is a national trend that we’re seeing here. There are many cases of two generations living in the same home.”
The concept behind multi-generational homes is that they are a living space that not only provides space for a full family but also another space that can be fully functional, but separate from the main home.
What Are These Spaces Used For?
What Makes These Types of Homes So Appealing
What makes these types of homes so appealing is that they provide an alternative space for other family members or it can be another form of generating revenue. Not only that, but they are also becoming more affordable and desired by market buyers. More and more home buyers are looking for a place that they can afford while also providing space for their extended family, and the multi-generational home does just that. Also it provides some families with another steady means of income in the form of rent.
How Is This Helping Builders?
This new marketing strategy is booming for builders and many are making it their go to product when it comes to development new homes. Its flexibility and affordability gives buyers the home their looking for, with the ample amount of space for financial assistance. Not only this, but they are also beautiful homes.
Overall, the multi-generational home is sweeping the home development industry off of its feet and it’s not going to put it down any time soon.