The number of multigenerational households is growing according to 2015 American Community Survey data by the Joint Center for Housing Studies of Harvard University. With the aging of the Baby Boomer generation, the share of older adults living in multigenerational homes has been growing steadily since the 1980’s. Many elders want to age in place and living with adult children (25 or older) and this allows for a higher quality of life. This also takes into consideration the larger number of adult children who are choosing to remain at home.
The data reveals that fewer adults age 30-40’s live with other generations. The number increases again with ages 40-50’s with the “sandwich” generation, those adults living with both elders and younger adult children.
Because adult children move out and elderly parents pass away, the share of people living in multigenerational households declines for people who are in their 60s and early 70s. However, the share rises steadily for older adults in their mid-70s, who often are starting to face more daunting health and financial challenges. Among the oldest age groups (aged 85 and over), 27 percent – about 1.5 million people – lived in multigenerational households in 2015. ~Housing Perspectives Blogspot
There is incredible opportunities for home builders on 2 levels.
- Solutions for consumers considering home improvements for their multigenerational family.
- Growing need for new construction or renovations for adults who are looking to down-size.