With the aging of the “baby boomers” and the rising cost of senior living, multi-generational living is becoming a hot topic in America’s real estate scene. Though it may be something newer to our society, it’s actually been a way of life for many cultures since the beginning of time.
For my family, it has always been a factor. My grandpa lived with us when I was young, my wife and I lived with her mother for a short time when we were first married while we were waiting for our home to sell in Michigan.
Lastly, a decade ago, my father came to live in my house for the last five years of his life. In my dad’s case, we were told that he has less than six months to live and he needed full time care far beyond what we could afford and we simply didn’t want him to be alone. Moving him into our home wasn’t easy and blending two lifestyles was certainly a challenge, but in the end, it was a blessing for us all.
In this month’s edition of Real Estate Logic, we’ll explore the rising popularity of multi-generational living and provide insights on how to cater to the diverse needs of different age groups within a single home.
The Rise of Mult-Generational Living – Multi-generational living, defined by the cohabitation of two or more generations under one roof, has become more prevalent – research from USAFacts.org found that roughly 4.8 million households in the U.S. are multigenerational, meaning 3 or more generations are living under one roof. That’s almost 5% of all homes in the U.S.! Economic factors, changing cultural norms, and the desire for enhanced family support are driving this shift.
Understanding Diverse Needs and Safety – When dealing with the elderly, safety is most important as just one fall can change everything! This age group has unique needs, and a successful multi-generational home should seamlessly blend functionality, accessibility, and aesthetic appeal. Consider installing grab bars and ramps to enhance mobility for elderly family members. Or just simple things like removing area rugs to reduce the risk of tripping and falling. Since our home did not feature a bedroom and full bath on the first floor, we installed a stairway chairlift to the second floor and then simply had it removed once Dad was gone.
Flexible Spaces, Privacy and Independence – Recognize the importance of privacy for each generation within the household. If space allows, incorporate separate living quarters, such as a ‘granny flat’ or guesthouse, to provide older family members with independence while maintaining proximity to the main residence. If space is a challenge, be flexible by creating living spaces that can serve multiple purposes. For example, an extra room could function as a home office, a play area, or a guest room, depending on the family’s needs. Think about creating adaptable furniture arrangements that can easily be reconfigured to accommodate changing family dynamics.
Financial Consideration – Last, but not least, finances must be a considered. Often Social Security and other limited income sources of your parents are not enough to afford independent living, but certainly enough to help cover the cost of adding Grandpa or Grandma to the family home. Since many family homes are not large enough or suited for associated living, it’s not uncommon that I council a client faced with this challenge to sell their parent’s home as well as their own home and to purchase a larger home that will accommodate everyone. Communication and flexibility are the keys to making this new arrangement work out well.
