As the housing market remains uncertain – mortgage rates, new listings, prices – a relative constant has been the continuous increase in multi-generational living. Currently nearly 3 million homes (4.5% of homeowner households) have more than one mother under one roof.
Given this trend, it’s no surprise that these units are in high demand, with 13.5% more page views per property that regular listings. They are also becoming more expensive with a 22% price premium per square foot.
According to a report by HousingWire based on U.S. Census Bureau data 20 percent of all households are currently multi-generational. This is equivalent to approximately 64 million people.
This trend is true across all racial and age groups led by Asian (29 percent) and Hispanic (27 percent) households.
Age-wise, millennials are most likely to be be living in a multigenerational household with 33 percent of those 25 to 29 currently living with their parents.
New construction is beginning to account for this trend by building more mother-in-law suites, two main floor master bedrooms or backyard cottages.