One Big, Happy Family
Original post by: Realtor.org - December 3, 2013
It’s been a process for generations — children growing up, moving out, finding careers and making lives separate from the ones they knew at home with their parents. But for many different reasons, that process is not necessarily the norm today — or at least not on the same timeline as before. As of 2012, 57 million Americans (or just over 18 percent of the population) live in multi-generational family households, which is double the number who lived in that situation in 1980. And according to the National Association of Realtors® 2014 Profile of Home Buyers and Sellers, multi-generational households accounted for 13 percent of home purchases in the last year. Research shows that young adults between the ages of 25 and 34 are more likely to live in those multi-generational homes than those ages 85 and older; however, buyers purchasing those homes represent all age groups. Reasons for multi-generational home purchases varied by age, but most common among all age groups were cost savings, health care assistance, children moving back home and helping aging parents.
It’s been a process for generations — children growing up, moving out, finding careers and making lives separate from the ones they knew at home with their parents. But for many different reasons, that process is not necessarily the norm today — or at least not on the same timeline as before. As of 2012, 57 million Americans (or just over 18 percent of the population) live in multi-generational family households, which is double the number who lived in that situation in 1980. And according to the National Association of Realtors® 2014 Profile of Home Buyers and Sellers, multi-generational households accounted for 13 percent of home purchases in the last year. Research shows that young adults between the ages of 25 and 34 are more likely to live in those multi-generational homes than those ages 85 and older; however, buyers purchasing those homes represent all age groups. Reasons for multi-generational home purchases varied by age, but most common among all age groups were cost savings, health care assistance, children moving back home and helping aging parents.
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