Not only are retirees trying to downsize, but the kids are hanging around longer too. The excellent research by John Burns has put some numbers on the one obvious outcome – multi-generational living.
Percentages in the 40s and higher are more than a blip – the vast amount of downsizing and multi-gen households is a game-changer:
14% of all US households (16.5 million households!) now live multi-generationally, and the numbers continue to rise for three reasons:
A. Delaying marriage has increased the number of young adults living with parents.
B. Surging retirement has increased the number of retirees living with children.
C. Significant immigration from countries where multigenerational living is the norm has also helped boost the numbers.
Most of the US housing stock was not built for multigenerational living, providing a tremendous opportunity for home builders. According to our Consumer Insights survey of more than 20,000 new home shoppers, 44% would like to accommodate their elderly parents in their next home. Additionally, 42% of today’s shoppers plan on accommodating their 18+ older children in their next home.
This focus on providing housing to extended family or friends may also account for 65% of respondents desiring a bedroom with bath on the ground level and 24% wanting a suite with a kitchenette and small living area.
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