07/26/2024
Multi-Generational Living on the Rise
While multi-generational households are common in many parts of Europe and Asia, it's still a growing trend here in the United States. Research shows that the number of Americans who live in multigenerational homes has quadrupled since the 1970s. Many builders have recognized this trend and are offering floor plans to accommodate them.
Instead of all areas being shared spaces, multigenerational or "co-living" floor plans emphasize privacy. They may feature a separate bedroom and bath for an elderly parent, or an entire floor complete with bedrooms, a kitchen, and other amenities.
While this arrangement may be temporary, some homeowners are making other plans. Adult children may plan to stay long-term, contribute to their parents' income and care, and eventually inherit the family home. This means that properties of this size will have a bigger price tag and may require a non-conforming loan. As always, feel free to refer your buyers to me for personal advice during one of life's biggest financial decisions.
www.theamericangenius.com