Highlands Ranch Co | Multigenerational Households May Be the Answer to Price Increases

Highlands Ranch Co | Multigenerational Households May Be the Answer to Price Increases

Highlands Ranch Co is an active and vibrant community located south of Denver.  Located in the award winning Douglas County school district, many families choose to call Highlands Ranch home.  Buyer demand for homes in Highlands Ranch remains strong, while inventory of homes for sale remains low.

Today I want to discuss how Multigenerational Households May Be the Answer to Price Increases.

Multigenerational homes are coming back in a big way. In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to an article by Realtor.com,

“Nearly 1 in 5 Americans is now living in a multigenerational household – a household with two or more adult generations, or grandparents living with grandchildren – a level that hasn’t been seen in the U.S. since 1950.”

According to the National Association of Realtors’ (NAR), the top 3 reasons for purchasing a multigenerational home are:

1. To take care of aging parents (22%, up from 19% last year)
2. Cost savings (17%)
3. Children over the age of 18 moving back home (16%, up from 14% last year)

Valerie Sheets, spokesperson for Lennar, points out that,

“Everyone is looking for the perfect home for any number of family situations, such as families who opt to take care of aging parents or grandparents at home, or millennials looking to live with their parents while they attend school or save for a down payment.”

For a long time, nuclear families, a couple and their dependent children, was the accepted norm. The shift to extended families living together can be attributed to several social changes over the decades. Several reasons include:

• Growing racial and ethnic diversity in the U.S. population helps explain some of the rise in multigenerational living; “Data suggest that multigenerational living is more prevalent among Asian (28%), Hispanic (25%), and African-American (25%) families, while U.S. whites have fewer multigenerational homes (15%).”
• Women are a slightly more likely to live in multigenerational conditions than are their male counterparts (12% vs. 10%, respectively).
• Last but not least, basic economics.  As the cost to buy a home rises, more families are choosing to live together to share expenses.

Real Estate Bottom Line

Multigenerational households are becoming more and more common. While it is a shift from the more traditional nuclear home, these households might be the answer many families are looking for as home prices continue to rise in response to a lack of housing inventory.

Source: KCM Marcy Ruberto Blog

To protect your interests and ensure you make the best possible decisions, it’s important you have a knowledgeable agent on your side who is an expert in the local real estate market. As your real estate agent I promise:

I am happy to provide you with the most updated strategic information for your home purchase in Highlands Ranch, Colorado.

To reach me, please call 303-638-6536 or email marcy@premierdenverhouses.com

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Thinking of Selling Your Home? Let Marcy sell your home with her 10 Proven Strategies. Call or text 303-638-6536 for more information.