I am truly honored to have the opportunity to write an article regarding Real Estate for the Spectator Magazine and to share my knowledge of the real estate market in the Coral Springs/Parkland area. In this article I would like to provide information pertaining to one of the fastest growing trends in Real Estate. This trend represents the increasing numbers of individuals who are choosing to live in multi-generational households and the homes they are purchasing.
According to the Pew Research Center’s analysis of the U.S. Census Bureau data, in 2014 a record 60.6 million people lived with multiple generations under one roof. That is 19% of the population. Additionally, this type of household is growing among all U.S. racial, ethnic, gender and age groups. It is not just aging seniors living with their children making up this group. More and more adults over the age of 25 are living with their parents. In many cases these adult children, living with their parents, have children of their own.
Reasons for Multi Generation Households
- Aging parents
- Under employed adult child
- Grandparents providing assistance in raising their grandchildren
- Divorce of an adult child with their own children
- Adult child with special needs
- Cultural traditions
- Soaring cost for child care and aged care
- A desire to have all family members live together
Ever since the great recession the number of multi-generational buyers, utilizing my services or viewing my listings, has steadily increased. As a result, my team has deepened their understanding of the needs of the multiply generation buyer. We have become experts in highlighting and marketing certain features which are desirable to them. For instance, we have learned to pay attention to the size and dimensions of bathrooms to determine if it has enough space for a wheelchair to rotate or if the location of the tub/ toilet will allow for someone to transfer to and from a chair. Can a kitchenette or separate entrance be added? Does the floorplan afford each generation some comfort and privacy?
In addition to my observations, many of the developers/builders in Parkland have taken noticed. As a result, they are now offering models and floorplans for multi-generational households. For instance, Lennar offers an entire line of homes designed with these buyers in mind and are marketing there product as “a home within home”. Most of the designs included a separate suite featuring a living room, kitchenette, bedroom, bathroom and garage.
As this population continues to grow, it might be advantageous to keep a multi-generational buyer in mind if you are planning to renovate your home. If you are a multi-generation buyer, the Coral Springs/Parkland area offers a large selection of homes and communities which may be perfect for you.
If you would like more information about multi-generational homes or what changes you can make to your existing home to attract these buyers, please feel free to contact me. I am always available to discuss all things real estate including buying and selling multi-generational homes!! Have wonderful Fall Season!!