## The Rise of Multigenerational Homes: A Growing Trend in 2024
In recent years, a significant shift has been observed in the housing market, with multigenerational living making a strong comeback. This trend, once common in earlier times, saw a decline in the 20th century but is now on the rise again, driven by various economic and social factors.
### Understanding Multigenerational Living
Multigenerational homes are residences where at least two adult generations live under one roof. This arrangement can take various forms, from grandparents living with their children and grandchildren to adult children staying with their parents. The setup often involves shared living spaces, but it can also include separate common areas designed for privacy and comfort.
### Why Multigenerational Homes Are Gaining Popularity
Several factors contribute to the increasing popularity of multigenerational homes. According to the Angi's State of Home Spending survey, as of 2024, one in four homeowners are living in multigenerational households. Here are the main reasons behind this trend:
#### Economic Factors
- **Cost Savings:** A significant driver for choosing multigenerational living is the potential for cost savings. The National Association of Realtors (NAR) reports that 36% of homebuyers opt for multigenerational homes to reduce expenses. By sharing costs such as mortgage payments, rent, property taxes, and utility bills, families can manage their finances more effectively.
- **Housing Shortage:** The U.S. faces a housing shortage, with Zillow reporting a deficit of 4.5 million homes. Sharing a home with relatives can be a practical solution to this issue.
#### Social and Cultural Shifts
- **Delayed Independence:** Economic pressures like student loan debt and the competitive housing market are causing many young adults to delay moving out. NAR's report indicates that 21% of multigenerational households result from adult children moving back home, while 20% never left.
- **Impact of the COVID-19 Pandemic:** The Generations United study, "Family Matters: Multigenerational Living is on the Rise and Here to Stay," found that 57% of people living in multigenerational homes started doing so because of the COVID-19 pandemic. Moreover, 70% of these individuals plan to continue this living arrangement.
- **Aging Population:** With an aging population, more families are choosing to care for elderly relatives at home. NAR's data shows that 25% of buyers purchased multigenerational homes to provide care for aging parents.
### Impact on Home Design and Renovation
The rise of multigenerational living is also influencing home design and renovation trends. Homebuyers are increasingly seeking larger homes with flexible layouts, such as mother-daughter homes, which offer separate living areas. Other sought-after features include accessible bathrooms and first-floor bedrooms to accommodate aging relatives.
Angie Hicks, co-founder of Angi, notes that this trend is "reshaping home design and renovation priorities." With a significant number of homeowners living in multigenerational setups, these households are more likely to undertake larger renovations and add lifestyle-enhancing features to their homes.
### The Future of Multigenerational Living
As economic pressures persist and social dynamics continue to evolve, the trend of multigenerational living is expected to grow. Whether you're considering this arrangement for cost savings, family support, or both, understanding the benefits and challenges can help you make informed decisions about your home and interior design.
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