Should you live with your kids in an extended family living situation?
Live With Your Kids
No – this isn’t a delayed April Fools Day joke. In fact, many Americans are making the decision to move into an extended family situation. Parents are moving in with their children or their grandchildren. And their children are moving back in with them.
This used to be quite normal. Looking back to the 1950s, more than twenty percent of Americans lived in multi generational homes. But then, the number of multi generational homes fell over the next few generations, . However, once again, that number is rising.
What’s the Cause?
There are numerous reasons as to why this is happening. Some people simply want to help take care of their parents. Having a built in babysitter is a factor in their decision. Additionally, a combination of rapidly rising home prices, coupled with a severe shortage of available starter homes, has caused many Millennials to move in with their parents. Or possibly their grandparents.
Often this is a financial move. Possibly for the grandparents, who are living on a fixed income, are financially struggling. Or maybe younger family members are struggling to pay off their student debt. Others may be looking to save money for a down payment on their own home.
How Common Is This?
The numbers are telling. Currently, almost twenty percent of Americans are live in a multi generational home. The National Association of Realtors states that thirteen percent of all home sales in the past year were multi generational homes. And to accommodate the extra people, even more families are putting additions onto their homes.
While the traditional single family home is still the prevalent life style, we’re seeing that many families are looking to live in the old way, in an extended family living situation.
When you’re ready to either buy or sell a home, please contact us.
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