Multi Generational Living Arrangements Transform Housing
Multi Generational Living Arrangements Transform Housing
Of the things Americans take for granted, one of the least questioned is the future availability of familiar housing circumstances: housing that’s ‘like where I grew up.’ For urban dwellers, that might be an apartment or condominium; for others, a single-family home—a house with a yard, or perhaps a farm or ranch house. It may be time to re-examine that whole idea.
Over the past few years, there has been a significant increase in multi-generational living arrangements. We read and hear a lot about the housing situation that sees many young adults now living with their parents—but that’s not the whole story. Seniors are increasingly likely to live with their children. The latest census housing data confirms that 9% of seniors now live in a household headed by their children. If you are planning to sell your home this summer, it’s worth thinking how multi-generational living is affecting housing here in Cherry Hills Village and Greenwood Village.
In the past, multi-generational living was the rule rather than the exception. In 1900, 57% of Americans aged 65 years or older lived with other family members. Following World War II, increased education, better access to loans and the GI bill meant that more young adults could buy homes. At the same time, older adults benefited from social security and medical care which let them live longer independently. By 1990, only 17% of people aged 65 years or older lived with their families.
The recession of 2008 created a job crunch that produced the “boomerang kid” phenomenon: many young adults took longer to leave their parents’ home to seek housing on their own. Too, the growth in the aging proportion of the population has meant that many older Americans are living with their adult children. A third contributor is the increase in the number of ethnic minorities with cultural biases for more than one generation to share housing. It’s not surprising if the result of these trends is to influence Cherry Hills Village and Greenwood Village housing preferences. According to the American Institute of Architects’ Home Design Trends Survey, there has been a traceable rise in demand for “in-law” suites over the past year. There has also been an increase in demand for homes with a master bedroom and full bath on the ground floor—the layout most popular when older parents will be accommodated. Other features such as ramps, home elevators and non-slip floors are also gaining popularity. Den, attics and basements are all also increasingly being converted into bedrooms and living areas for younger adults and older parents. Developers are also responding to the same trend by introducing housing best described as “multi-generational-friendly”. In 2011, national builder Lennar introduced their “Next Gen” house plan: a layout that has the capacity to become two houses in one. The attached house has its own entrance, bedroom, kitchen and living space. A connecting interior door can convert the house into one big home—but when closed, the two residences are separate. Apparently, the idea has been a notable success: Lennar now offers 50 different Next Gen floor plans in 120 communities across the country. The return to multi-generational living seems likely to have a significant impact on the types of Denver housing that will be developed in coming decades. Cherry Hills VillageGreenwood Village houses with in-law and young adult-friendly features (such as additional rooms and bathrooms) are likely to grow in demand. Especially if you’re thinking of remodeling your home, don’t hesitate to contact me before you start. I can offer relevant feedback about how your remodel is likely to affect your sales price now—and throughout coming years. Curious what your home is worth? Use our FREE online valuation tool Click Here!
Michael Kane is a Broker Associate at Keller Williams. He is a member of the Carr Peck & Associates team that is recognized locally and nationally as in expert in real estate. Locally he is a member of the Denver Metro Association of Realtors. Nothing brings him more joy than making his client’s dreams become a reality! For more information feel free to contact him or call 303-717-9284.
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Author:Jason Peck Phone: 720-446-6301 Dated: June 30th 2014 Views: 1,786 About Jason: ...
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"We worked with Karen Venier for a relatively short time for a good reason: our home sold at full price within hours of hitting the market! While it’s true that the Denver housing market is “hot,” credit for the speed and ease of our transaction belongs to Karen. She was great to work with, giving us perfect advice about readying our home for sale and then expertly guiding us from offer to close. Along the way, we came to appreciate Karen for her skillful blend of professionalism and personal touches – like dropping off our favorite beverages during a particularly stressful time in our move or shoveling our driveway in subzero temps after we’d left the state (way beyond the call of duty!). Now that we’ve relocated to Wisconsin, we keep saying that we wish Karen could be our buyer’s agent here. Since that’s not possible, we’ll shout her name loudly to whoever might be looking for a home in the Denver area.
Thanks for the great work, Karen!