2020 changed the way we use our time to where we work, how we socialize and gather together, and our needs at home. This also meant making decisions as to how we can best support and reach out to our extended families.
Some families, with maybe older children who moved back home. While some families, with relatives living in senior facilities, wanted them to move into their home.
These changes led more homebuyers to invest in multi-generational homes to accommodate more long-term plans. According to the 2020 Profile of Home Buyers and Sellers from NAR, a multi-generational home has adult siblings, adult children over the age of 18, parents, and/or grandparents in the household.
Based on a recent study from NAR, there’s been an increase in purchasing trends for homes since the health crisis began. There are many reasons for this uptick in preference toward multi-generational homes. The top reasons show that buyers wanted to safely take care of and spend more time with aging parents.
Contact a real estate professional if you are in a similar situation to learn more about your local options and maybe even have your whole family under one roof by early next year.