“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.”
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Richmond, VA (PRWEB) January 20, 2016
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.
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