U.S. households are shrinking. The repercussions of the Great Recession of 2007-2009 are still being felt today. As a result, many families are finding themselves moving in with one another to curb expenses.
When households begin to consist of as many as three generations living under one roof, the overall number of households begins to shrink or disappear.
You may witness multi-generational homes in your very own neighborhood. These homes consist of adult children (ages 24-34) from the boomerang generation living at home with their parents longer and/or the care of aging or disabled parents living with their adult children later in life.
According to the latest U.S. Census data, more than 51 million Americans – nearly one out of every six – live in a multi-generational household. This is not a new phenomenon. It has happened in the past due to tough economic times; the Great Depression is a good example.
In response to this growing trend some homebuilders, like Lennar, are creating house plans that accommodate multi-generations in one home. The houses feature a main home (typically a 3 bedroom/2 bathroom floor plan) and a private suite (up to a 2 bedroom/1 bath suite with a kitchenette). Both have their own private entrances; some are even built with their own private garages.
So, if you are experiencing any of the following circumstances, a multi-generational house may be right for you:
- Parents who are considering living in an assisted living facility
- An adult child returning home from college
- An extended family member or close friend needing a place to live