We Are Family: Multi-Generational Home Interest
The COVID-19 Pandemic Has Increased Interest In Multi-Generational Homes
The pandemic has undeniably caused changes in our housing market and the types of homes buyers are looking for. One such change is the increased desire to purchase multi-generational homes. The National Association of Realtors (NAR) has stated that the purchase of multi-generational homes accounted for 15% of home sales since March, 2020 compared to 11% before that date.
The coronavirus has, without a doubt, led homebuyers to reassess their housing situation and even reconsider home sizes and destinations. Shopping for larger homes with extra space that might allow for households to better accommodate older adult relatives or young adults that now live within their current residence due to the pandemic has become very prevalent. In addition, visitation restrictions at assisted living and nursing facilities have pushed families to want to bring their older relatives into their home. The benefits to multi-generational living arrangements go far beyond financial. These arrangements are often mutually beneficial, allowing those working to cover housing expenses while others cover child care. This often allows young parents with career ambitions to continue to pursue those while their children have exposure to their grandparents on a daily basis.
Every individual situation is unique, but there are a few key features multi-generational buyers look for. While families interested in multi-generational living are probably hoping to spend more time together, it will still be important to have some privacy. This growing trend can lead to an increase in demand for features like in-law suites, soundproofing and larger living spaces that allow modern families to live together while still enjoying some alone time. Additionally, more people under one roof typically means more belongings. Most multi-generational homebuyers will be looking for homes with plenty of storage space or creative storage solutions as a result. An “in-law suite” typically consists of separate entrances and garages. This area of the home usually has its own kitchen, bath and living spaces. Ideally, there should be two areas for social interaction so that the whole family can be together but they can also have separate space when they want it.
Architects say that the design of housing will need to respond to accommodate the changes in households. In 1980, only 12% of the population lived in a multigenerational household, but that has now grown to 20% and continually rises every year. Clearly, with the population in the United States living longer as well as considerations about the cost and isolation of living alone, families are coming together under one roof. Our area housing stock, however, has continued to center around independence and privacy which doesn't quite fit the merging of households.
Sellers today may need to consider if their property might be able to be retrofitted to accommodate multi-generational living. Is there an area that could be a private living space? Even without doing the work yourself, being able to market the idea that a buyer willing to make some adjustments to the current property could make it a comfortable home for a multigenerational household will open up the pool of buyers for your property.
ERA Martin Associates | 410.749.1818 | ERAdelmarva.com
1000 East Main Street, Salisbury, Maryland
ERA Martin Associates has been serving Delmarva's Real Estate needs since 1985, and is licensed in Maryland, Delaware, and Virginia. Our team of Realtors are the local experts when it comes to residential home sales, waterfront homes, lots & land, farms, commercial real estate, rental property management, and more. We utilize the latest in technology and marketing techniques to help our agents stay in touch with their clients' home buying or selling needs. We strive to ensure that ERA Realtors are knowledgeable and up-to-date on industry changes.