Tallahassee, Fla. (WTXL)---Nearly 4.4 Million families live in what's called "multi-generational homes".
Many of those homes included adult children who flew back to the nest after being unable to find work. The number of 25- to 34-year olds living with their folks jumped by more than 25% between 2007 and 2011, Census reported.
So how does that affect today's housing market and the needs of buyers?
Real Estate Expert Elizabeth Ekk joined us this morning for another edition of Your Home and Garden to break it all down.
- Divorced parent living with their older parent/older child
- Parent moves in with child to help with daycare or vice versa
- Parent moves with child for college
- Children as living longer with their parents
- Family needs help with childcare & asks grands to move in
Many of those homes included adult childrenwho flew back to the nest after being unable to find work. The number of 25- to 34-year olds living with their folks jumped by more than 25% between 2007 and 2011, Census reported.
I have a buyer who's adult daughter, moved back in so she could take a break from work and return to nursing school. Along with the adult daughter came her daughter's husband and two young children. That's a total of 4 adults & 2 children.
By combining the families, they are saving thousands of dollars a month in duplicate costs, this give the adult daughter the opportunity to change the direction of her career without putting too much financial strain on her family.
The long-term impact, he said, is that more families will want bigger homes with more bedrooms to accommodate their extended families.
In fact, so many relatives are already moving in with one another that builders are starting to construct homes to accommodate them. Instead of offering a two-car garage, for instance, builders will design the house with a one-car garage and use the extra space for a guest room.
I am currently working with a buyer who is building a home that has 2 master bedrooms & master baths that has space for a 2 living rooms, a guest room/office all 1-story 2 car garage under $300K in the NE of Tallahassee.
It was only 6 years ago that the City of Tallahassee put restrictions on separate dwellings like a pool house for people to add a separate building. However times have changed and the City of Tallahassee is very supportive in the recent requests to add an in-law suite or create a carriage house.
Parents help their kids buy homes
All of the adults in the house are employed, making it easier to afford the four-bedroom, three-bath house, which cost about $600,000.
"Everyone thinks we should all have our own homes, but we're so happy living together."
