According to the PEW Research Center, 19% of all Americans lived in multi-generational households in 2014. Typical multi-generational households include the homeowners, their adult children and their kids. This is up from a low of just 12% of the population living in a multi-generational home in 1980. Experts believe the increase is likely due to more ethnic minorities moving to America and a generation of young adults who came of age during the recession and recovery.
What does this mean for the housing market? Homes with separate living areas, even separate entrances, are gaining popularity. Often, these families are looking for homes with a separate, smaller kitchen and laundry facilities in addition to the main kitchen and laundry room. For families that include aging parents, a home that is fully accessible are more in demand.
Not only is multi-generational living cost effective, but for many families convenience is key. With grandparents living in the home, they may be able to assist with young grandchildren. Aging parents who may need assistance if they were living alone, can save money by living with family instead. Adult children who move back into their family home can help share the cost of bills and help with the upkeep of the home.
We work with several excellent builders in the Reno area who build gorgeous custom homes. Whether you need a single story home with separate living quarters for Mom and Dad or a home with extra living space for an adult child and their family, there are several options in neighborhoods throughout Reno. Have questions about selling your home? We would be happy to assist in any way we can. Give us a call at 775-453-4568 with any real estate questions you may have.