Multigenerational living—where more than two generations live under one roof—has seen a significant resurgence in recent years. Families are coming together to provide financial, emotional, and physical support to one another. According to the Pew Research Center, as of 2021, nearly 60 million Americans were living in multigenerational households. This number is expected to grow as housing prices rise and family dynamics continue to evolve. New real estate agents must grasp this trend to guide clients through the evolving market and its opportunities.
Why Multigenerational Living is Gaining Popularity
Several factors are driving the rise in multigenerational households. Here are the key reasons why this living arrangement is becoming increasingly popular:
- Financial Relief: As housing prices continue to rise, families are opting to share homes to reduce individual financial burdens. Splitting costs helps multigenerational families achieve financial goals and make homeownership more affordable.
- Health and Well-being: Many families choose multigenerational living to care for elderly relatives or young children. This arrangement provides support, reducing costly child or elder care while fostering a nurturing, cost-effective environment.
- Cultural Traditions: Multigenerational living has long been a core value in many cultures, and as the U.S. population becomes more diverse, this tradition is experiencing a resurgence. Many families see it as a way to strengthen bonds and provide mutual support across generations.
- The COVID-19 Impact: The pandemic accelerated the trend of multigenerational living as families came together for support during uncertain times. This arrangement continues post-pandemic, offering lasting benefits in financial savings and caregiving.
How Multigenerational Living is Shaping Real Estate Demand
The rise of multigenerational living is changing the landscape of the real estate market. Here are some key trends affecting demand:
- Demand for Larger Homes: Multigenerational families often seek properties with more space—multiple bedrooms, larger kitchens, and additional bathrooms. Homes with flexible floor plans, such as finished basements, separate entrances, or open-concept designs, are particularly appealing to these buyers.
- Customization and Special Features: As more families seek to accommodate multiple generations, there’s a growing demand for homes with in-law suites, accessory dwelling units (ADUs), or separate living quarters. Real estate professionals are increasingly seeing requests for customized properties that meet these unique needs.
- Preference for Suburban Locations: Multigenerational buyers often favor suburban areas, where they can find larger homes and more land at more affordable prices. They also look for neighborhoods with good schools, easy access to healthcare, and proximity to public transportation.
- Long-Term Homeownership: Families opting for multigenerational living tend to stay in their homes longer, as the properties they choose suit their long-term needs. This trend affects housing inventory, contributing to lower turnover and rising home values in certain markets.
The Role of Scout Realty in Supporting New Agents and Multigenerational Homebuyers
Understanding multigenerational buyers’ needs helps new agents stand out from the competition. At Scout Realty, we offer mentorship and training to ensure you’re prepared to meet the demands of this growing market. Our team has deep experience in helping families find homes that suit their diverse needs, from spacious layouts to properties with ADUs or in-law suites.
With our mentorship program, you’ll receive expert guidance to stay ahead of the latest market trends, so you can offer valuable insight to clients looking for multigenerational homes. Scout Realty helps families find homes that meet their goals with dedication and expertise.
Ready to Help Your Clients Find Their Perfect Home?
If you’re a new agent ready to build your career and assist families with finding homes that fit their multigenerational needs, now is the time to get started. Scout Realty’s mentorship program will equip you with the tools and knowledge to navigate this evolving market and serve your clients with confidence. Contact us today to learn more about how Scout Realty can help you grow your business while meeting the unique needs of multigenerational families.
