Larger Houses at Forefront as Gen X Shares Housing With Seniors
The need for bigger residences has grown as more generations move into one household. The pandemic has prompted a larger number of multigenerational households, often as an aging parent or returning young adult move in, according to the “Home Buyer and Seller Generational Trends” report published by the National Association of REALTORS®.
Eighteen percent of buyers between the ages of 41 to 65, many of whom fall within the Generation X age segment, purchased a multigenerational home during the past year, according to the study. Home buyers aged 75 to 95 were the second most likely to purchase a multigenerational home.
“There are a variety of reasons why large families and extended families are opting to live together, one of which is that it’s a great way to save money,” says Jessica Lautz, NAR’s vice president of demographics and behavioral insights. “Also, in light of the pandemic, many grandparents and older relatives found that being under a single roof—quarantining with family rather than away—worked out better for them.”
Eleven percent of home buyers who purchased a multigenerational home did so to take care of their aging parents because children over the age of 18 were moving back, or for cost savings.
More people in the household means the need for a greater amount of space.
Homes that are 4,000 square feet or more sold 70% faster than smaller homes nationwide in February, according to housing data from realtor.com®. The features that often tend to be in high demand for multigenerational home buyers are items like having an extra bedroom on the first floor, private entrances, and separate kitchens that can provide flexible arrangements for larger households.