More generations are living together under one roof since the pandemic, but that always hasn’t led to a increased desire for a multigenerational home.
Buyers are mostly split on the need for a home with features to accommodate multiple generations. Thirty-nine percent of buyers said they would prefer a multigen home but another 39% would not, according to the report What Home Buyers Want, 2021 Edition, published by the National Association of Home Builders based on responses from more than 3,200 prospective buyers. Twenty-three percent of respondents said they were not sure how they felt about a home designed for three generations, the survey shows.
Researchers said the responses varied by race and ethnicity. For example, 53% of Hispanic buyers favored buying a multigenerational home, followed by 50% of African Americans and 46% of Asian Americans. However, only 35% of Caucasian buyers would prefer a home designed for multiple generations.
Multigenerational homes usually consist of larger spaces and two owner’s suites, one of which is typically on the first floor, and can include separate entrances and kitchens.
Since the pandemic, the number of multigenerational households has been growing. About 16% of buyers have opted for multigenerational homes since the start of the COVID-19 outbreak compared to 11% the previous year, according to data from the National Association of REALTORS®. The most common reason for moving into a multigenerational home was to care for and spend more time with older parents, followed by cost savings and the ability to pool several incomes.
Generation X is the most likely age group to purchase a multigenerational home. Eighteen percent of buyers between the ages of 41 and 65 purchased a multigenerational home during the past year, according to a separate NAR study, the Home Buyer and Seller Generational Trends report.
Watch Jessica Lautz, NAR’s vice president of demographics and behavioral insights, as she discusses with The Washington Journal and C-SPAN about additional homebuying trends from the 2021 Home Buyers and Sellers Generational Trends Report.
Source: “Buyers Are Split on Multigenerational Homes,” National Association of Home Builders’ Eye on Housng blog (April 7, 2021)