Realtor Julia Burch Sheds Light on Multigenerational Household Trend

Share Article

Julia Burch, of Coldwell Banker Avenues, in light of a January 6, 2016, Erie Insurance article about multigenerational housing trends, discusses the growing trend of home buyers taking into account the possible need to care for aging parents by having extra space and considering mobility issues.

Julia Burch

“If you consider the incredibly high cost of paying for assisted care for a parent vs. alternatives in buying a home that may allow an aging parent or relative to have their own space, you can save a lot of money in the long run.”

Past News Releases

RSS

Julia Burch notes that “If you consider the incredibly high cost of paying for assisted care for a parent vs. alternatives in buying a home that may allow an aging parent or relative to have their own space, you can save a lot of money in the long run.” This can also bring peace of mind, which is a “win-win.”

“The norm in America is that children usually move out of their parents’ home after they turn 18, whether for college or to assert their independence,” said Burch. “However, the trend today, due to economic circumstances and/or health issues, is for aging parents to move into the homes of their children, who still might be supporting their own kids under the same roof.”

According to the Erie Insurance article, out of the 76 million family households in the United States, approximately 4.3 million (or 5.6 percent) were multigenerational house­holds. Furthermore, the National Association of Realtors (NAR) in its 2015Home Buyer and Seller Generational Trends Report states that 13 percent of all home purchases in 2014 were by a multigenerational household, consisting of adult siblings, adult children, parents and/or grandparents.

There also exists a large and growing group of Americans, referred to as the “sandwich generation,” in the 40 to 60 age group caring for elderly parents nearby or supporting them from a distance, as they are faced with paying for college, contributing to their own retirement and funding elder-care costs. Additional factors spurring the multigenerational housing trend are adult children, “boomerang kids,” returning home due to challenges such as delayed employment, large student loan payments, few affordable living choices and an uncertain economy.

“Builders are also aware of this growing trend, so we are seeing more single family homes with a master bedroom on both the first and second levels, finished basements with kitchenettes and full baths, private entrances, laundry facilities, etc.,” said Burch. “There are also increasing developments for 55-plus buyers where the homes oftentimes provide a lot of privacy for all parties living under the same roof.”

About Julia Burch, Coldwell Banker Avenues
Julia Burch works with both buyers and sellers. She is a relocation specialist, USAA Movers Advantage Certified agent, Richmond Magazine 5 Star Realtor Award recipient for 2014 and 2015, Diamond and Platinum Award recipient and Distinguished Achiever with RAR for many years. For more information, please call (804) 426-1481. The office is located at 500 Libbie Avenue, Richmond, VA 23226.

About the NALA™
The NALA offers local business owners new online advertising & small business marketing tools, great business benefits, education and money-saving programs, as well as a charity program. For media inquiries, please call 805.650.6121, ext. 361.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

the NALA PR