Finding a dream home for your buyers can be difficult in a market plagued by low inventory and high demand. So what do you do when your buyers include more than a couple looking for their starter home or a growing family looking to raise their children? Throwing grandparents, adult siblings or in-laws into the mix can create a daunting challenge for real estate agents.
A recent report by Rocket Mortgage broke down the increasing trend in multigenerational living, so the next time you work with multi-generational buyers, you’ll have all the tools you need to find them the unique home that works for their family.
The report from Rocket says, “In the last five decades, the number of Americans living with multiple generations under one roof has quadrupled, according to the Pew Research Center. More than 59 million people live in multigenerational households or a home that includes two or more adult generations.”
Most multigenerational households are using this living situation to save money. A few report living with family for child care or senior care. Regardless of the motivation, the most common multigenerational living arrangement is a combination of parents and adult children.
Top of mind for these buyers is finding the balance between privacy and the joys of spending time with family.
Key home features that could appeal to multigenerational buyers who value privacy could include:
- Basement apartment layouts
- On suite bathrooms
- Separate office spaces
“26.4% of respondents said privacy concerns are common,” the report said. Mitigating privacy concerns will often mean finding larger properties that can accommodate more family members.
Unlike younger respondents, 30% of the older, parental adults surveyed said, “The greatest advantage of living in a multigenerational home is the increased time spent with their family. Parental adults are more likely to experience positive improvement with their mental health.”
Common spaces that can provide family time that is important to older adults could include:
- Outdoor living spaces
- Open-concept main floors
- Basement or attic rec areas
When working with the increasingly popular multigenerational homebuyer, keep these two key factors in mind. These buyers have needs that may differ from the standard homebuyer, but finding their dream home is possible!