Why Are Multi-Generational Homes So Popular? | Delray Beach Real Estate

why are multi-generational homes

Multi-generational homes are defined as households that include representatives from at least two adult generations. In most cases, this involves the contraction of two households into one, with grandparents often moving into the spare space of their Delray Beach family. In today's Delray Beach Real Estate blog, we examine the rising popularity of multi-generational homes and the common reasons families are merging under one roof. 

reduced long term elder care options

Reduced Long-Term Care Options For Elders

Beyond the cost of healthcare and insurance sharply rising, there are more than just economic challenges facing elderly citizens. Beyond the ravages of COVID-19 and the overhaul of our perceptions following that calamity, the dependency ratio in the United States continues to be a concern. Dependency ratio, is the percentage of working age (over 15, under 65) persons in a population compared to those outside of that broad age bracket. With a dependency ratio of 54.05, the USA ranks 102nd in the world, the United States doesn't have enough money, care workers, or facilities to accommodate everyone. 

three generations living together

A Symbiotic Three-Generational Family

Economic factors aside, there are numerous reasons to enjoy the presence of one or more grandparents in the home. In many cases, two-income families require additional care to support their standard of living. If not for hiring a nanny, there might be more wealthy and successful families conscripting their parents to support their endeavors while they are off at work or on business. In many cases, this occurs when one of the grandparents is widowed, and the leftover home is too large to contend with. What better example of symbiotic mutualism than grandparents spending precious time with their children and grandchildren - all while contributing to the home.

less millennial home buyers

Less Millennial Home Buyers

While millennials do represent the largest home-buying demographic in America, they also hold more than $78,000 in debt on average - a number that has leapt nearly 60% since 2015. The ratio of financially solvent millennials compared to eligible home buyers is stark, and for that reason, home inventory is expected to turn over slower to this generation. In addition, many are saddled with crippling student debt, forcing more young people back to their family home rather than buying one and starting a family of their own.

fewer marriages in two income economy

Fewer Marriages In A Two Income Economy

Beyond student debt and elders coming home, the decline in marriage rates, and the rise in divorces has caused many to pause before looking for a home. For many, the ratio just isn't there to support buying a home on one's own. Even without debt, the ratio from average salary to average home price in the United States has massively widened. For example, in 1980, home prices in the United States were an average of $47,200, while salaries averaged at a little more than $12,000. Meanwhile, the median cost of a single family home rose sharply in just three years, from $329,000 to over $430,000. In 2023, the average single salary is just under $60,000. Even before taking individual circumstances like debt into account, these numbers are prohibitive to many who do not have the benefit of relying on others, such as their spouse to supplement their mortgage payment

cultural and immigrant forces

Cultural and Immigration Forces

In the past few decades, the demographic of immigrant communities has changed drastically. With a majority of Europeans already finding their roots in the United States across the past century, today's immigrants represent more Latin American, African, and Asian cultures. Many of these families already subsist in a multigenerational household and often subscribe to a more patriarchal family economic structure than the modern women-led economy of the United States. This isn't to say one way or another is the right way but to shed light on the fact that existing family structures brought over from modern immigrant demographics have led to more combined homes across three or more generations. As these communities find their roots and branch out economically, we can expect fewer multigenerational homes to be formed.

For more about family life in Delray Beach, see these blogs below:

The Most Important Family Friendly Features In Your Delray Home | The Most Family-Friendly Neighborhoods in Delray Beach

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