Here is an old trend that is making a comeback. You see, back in the good old days (which is what my wife calls music from the 1950s) about twenty one percent of Americans shared a roof with their parents or their grown children. That was more than thirty two million people!
And then as the 1950s progressed, that percentage began to fall. And it kept on falling. But as people age more Americans are finding that living with other generations of their family is advantageous. And it is an advantage for both parents and children. And the high cost of housing is also a factor. By living with their parents, younger people find it easier to save for their own home. And the older people like having younger ones around to help them out. The kids also need babysitting services that their parents can help with.
Sorry, but it has become time for a word from Bunny and Art Reiman, the people who sponsor this blog.
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This trend is becoming more common as we go along. These days nearly twenty percent of people in this country are currently living in a multigenerational home. This is the highest level since the 1950s. And this trend is expected to continue. According to a report from the National Association of Realtors, thirteen percent of the homes purchased last year were multigenerational homes.
These homes are being purchased for a number of reasons. It may be that families are choosing to take care of aging parents or grandparents in their home. Some Millennials want to live with their parents while they attend school. Or they look at it as a way to save for their down payment. Others simply want to get back to the way that we have lived throughout history, in extended families.
Home prices are rising. And there is a lack of available home inventory, especially in the starter home market. While this is a change from the way we have been living over the last few generations, for many it makes a lot of sense.