Multigenerational homes are extremely popular amongst homebuyers. In fact, from April to June, 15% of homebuyers bought this type of homes. That was the highest multigenerational-home buying rate since 2012.
In 2012, 14% of buyers opted for multigenerational homes. That number dipped to 11% a few years later. However, right now because of the pandemic, it is at a record high of 15%.
Because of the boom of multigenerational home buying, the average American household is likely to climb in size. The average US household size began to rise in 2018 after over 160 years. From 1790 to 2010, the average size declined from 5.79 people to 2.58. In 2018, the number rose for the first time since 1850 to 2.63. The decline was correlated to women having less children, while the uptick was likely due to several factors. One of them being the availability of multigenerational households. In 2016, the number of Americans living in a multigenerational home went from 12% to 20%.
Coronavirus brought many concerns. For homebuyers, some include loneliness, childcare needs, etc. In addition, income cuts and losses have changed buyers’ needs. These, among other reasons is why multigenerational real estate has recently become more appealing to some buyers.
In many ways, the recession brought by the coronavirus pandemic is repeating some of the effects of the Great Recession. However, this time, multigenerational living is likely to become permanent. During the pandemic, many Americans have found that this type of household brings a lot of benefits.
Looking to buy a multigenerational home in South Florida?
Contact us now via WhatsApp: +1 (305) 318 6968 (Heloisa Arazi) or visit https://www.amgintrealty.com to learn about all the opportunities in the South Florida real estate market.