Despite a strong economy, more Americans live in multi-generational households than at any time in the past 65 years. In 1950, 32 million people or 21% of the adult population, lived in a household with at least two adult generations or grandparents and grandchildren younger than 25 years old.
Multiple Generations, Together
Totay, 64 million people live in multi-generational homes, which is 20% of the population. After a low point of multi-generational living of 12% of the population in 1980, the trend has been increasing ever since, with sharp increases after the Great Recession 10 years ago. Studies of this trend only include adults age 25 and over or skipped generations which is defined as grandparents raising grandchildren. Young adults under age 25 who are in college or technical school or just getting started on their own are specifically not included in the statistics.
The upward trend of this lifestyle is across all racial, age and gender groups. The most likely age group to live in a multi-generational household are adults ages 25-29, with 33% of that age group joining their parents or grandparents to share a home. The second most common group are people aged 85 or older, with 25% of that age group sharing a home with adults of another generation.
Sharing fixed living costs of course helps from a financial standpoint, and often the multi-generational living is to also share a lifestyle where family members help each other. Sometimes older adults want companionship, and other times they need assistance with activities of daily living like medication management, housekeeping, transportation, and meal preparation. Other times, a single parent needs help with child care, and sometimes it is simply a young person who isn’t able to manage financially on one income, often due to paying off student loan debt.
Trends Lead To Shared Home
Whatever the reason for this trend towards multi-generational living, it means that homes with in-law suites or two master suites are more sought after than ever. The most appealing homes for multiple generations include a separate suite with its own bedroom, bath and living space, and ideally, a second kitchen, second laundry room, and private exterior entrance.
Looking for an in-law suite feature in your next home is easy on PathPost.com. Check out these homes with in-law suites and let us know how we can help your extended family find their path!