Many home shoppers are searching for the right place to serve multi-generational families new research shows. The trend is catching on with investors and home builders in single-family housing too, who are starting new builds with this in mind. The nation’s population of 80-something’s is on track to increase two-fold over the next two decades. Many families are looking for a place that can support multiple generations living together.
An additional unit, or garage apartment are not unusual features in single family dwellings. Many use these features to generate rental income. While this is a creative and effective way to pay the mortgage, a lot of people are looking at these features as a way to keep aging family members nearby for care.
Recent studies from the National Association of Realtors show that 12% of multi-generational home purchases were made with the intent of moving in aging parents. While another study from John Burns Real Estate Consulting states more than 40% of Americans buying a home are shopping with older relatives in mind.
Read more from the Motley Fool, and Realtor Magazine.
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