Home Buyers Think of Mom and Dad

The pandemic sure is changing the way we do things – even what type of homes we buy.

Recently, The National Association of Realtors ® released their 2020 Profile of Home Buyers and Sellers, and found that buyers purchasing a home since the start of the pandemic have been more likely to purchase a multigenerational home (about 15% versus 11% before 2020).

Why are buyers wanting to purchase these homes?

The survey found that these homeowners wanted a mutigenerational home for various reasons – caretaking of aging parents, cost savings, wanting to spend more time with aging parents, and even needing extra space for their adult children.

But what exactly is a multigenerational home?

These types of homes are designed to offer extra space for more than two generations living under the same roof. Homes designed to fit multiple generations might be more wheelchair accessible, have dual purposed rooms and extra rooms for everyone involved (usually a living room, a den, and a play room are all included in a multigenerational home). Separate entrances are also a nice touch to ensure that everyone has their own space and privacy.

So, where do you fit in a multigenerational home? Is this something you would be interested in, as a homeowner?

For more real estate news, stop by Alliance Title’s Blog.

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