The demand for bigger houses has recently increased as the COVID-19 pandemic allowed families to stay together under the same roof.
According to the "Home Buyer and Seller Generational Trends" report by the National Association of REALTORS, the health crisis lead the country to have a bigger number of multigenerational homes. Some aging parents are moving to their children's homes while other young adults are moving back into their parents to save money.
Based on the data, at least 18 percent of Generation X buyers or those who fall under the age 41 to 65 just purchased a multigenerational home at the height of the pandemic last year. Meanwhile, buyers ages 75 to 95 are the second most likely to acquire a multigenerational household.
According to NAR Vice President of Demographics and Behavioral Insights Jessica Lautz, the main reason why families are moving back and decided to live under one roof boils down on savings and spending the quarantine together.
"There are a variety of reasons why large families and extended families are opting to live together, one of which is that it's a great way to save money," Lautz said.
"Also, in light of the pandemic, many grandparents and older relatives found that being under a single roof-quarantining with family rather than away-worked out better for them," she added.
This echoes the survey result, which shows that 11 percent of the homebuyers purchased a multigenerational home to look after their aging parents. Children ages 18 are also moving back home to save living costs. This means that more people in the household are equal to a bigger space for the rest of the family.
Based on the housing data by realtor.com, houses with 4,000 square-feet or bigger are sold 70 percent faster than smaller homes. Some of the house features buyers are looking for in multigenerational homes are private entrances, separate kitchens, an extra bedroom on the first floor.
Cons of Living with Aging Parents
Additional Expense for Safety Modifications
Since parents are getting old, some house features no longer suit their age, like long stairways, poor lighting, and longer distance between the bedroom and bathroom. These hazards require further home modification, which will surely make some money out of your pocket.
Family Dynamics
Additional person in the house can cause stress in a family's daily dynamics, which can take a toll on everybody's mental health. An extra person at home also means additional opinion and suggestion, which sometimes causes the fight between spouses and children.
Pros Living with Aging Parents
Save Money
Paying for one mortgage is always better than paying off two or more properties. On top of that, living with your parents could also mean consolidating other utility bills such as electricity, water, cable, internet, and more. If you have younger children at home, grandmothers and grandfathers will surely love to babysit them for free.
More Time to Bond
Oftentimes, adulting children are busy growing up without noticing that their parents are also growing old. With the daily demands of life, it is inevitable to forget to spend more time with our parents. Living with them under the same roof or compound allows us to spend more time or bond with them as they age. It also allows you to take care of your seniors and teach your younger children the value of looking after each other.
READ MORE: Real Estate Experts Weigh on Viral Tik Tok Renovation Trends