A Record Number of Americans Live in Multigenerational Households

Considering Multigenerational Living? Here’s a Guide to Determine the Best Property for Your Needs

While the economy has progressively increased in recent years, a curious trend has developed – multigenerational living. According to a Pew Research Center analysis of Census Data, in 2016, 64 million Americans (20% of the population) lived with multiple generations under one roof. Growing among nearly all racial groups and both men and women, multigenerational living appears to be a trend that is here to stay.

It’s no surprise that this type of living arrangement grew immediately after the 2007-2009 recession. However, the growth has remained constant since then. One reason for the change is the increasing racial and ethnic diversity in the US. Both Asian and Hispanic populations are growing at a higher rate than white populations and are culturally more likely to adopt multigenerational living. Among Asians living in the US, 29% live in multigenerational households with Hispanics are close behind at 27%.

Another factor contributing to the increase is an aging population. Baby-boomers are aging, yet living longer than previous generations and the cost of long-term care is increasing. Many families are choosing a holistic approach and combining generations under one roof. With a combined household, living costs decrease, allowing for the addition of private in-home care.

If you are considering multigenerational living, here are some things to consider before making the move: If you have children, you should first consider the school district and buy in an area that offers your children the best education possible. Think about the type of family dynamic you have and how much privacy and autonomy the generations will require under one roof. If you will have live-in care, will the caregiver have separate living quarters or integrate with the family? If you have aging parents, will they have an area that they can maintain independence?

The best idea is to consider your situation now and how it will look in 5, 10, 15 years. Try to find a property that will best accommodate your family as it transitions into different stages.

In areas such as Potomac, MD, which is minutes from DC, large luxury estate homes were built years ago for the DC elite, who wanted a more bucolic lifestyle. Recently, smaller houses have become more attractive to younger homebuyers, leaving many of these large estates on the market for years while the values have declined. Some are now selling for nearly half of their formerly appraised values.

These large properties may be the perfect scenario for multigenerational living. Consider homes that feature apartments or a wing of the house that was built for live-in help. Look for a property that offers secondary bedrooms suites with private baths. In most homes, bedrooms of this size would be considered “Master Bedrooms”.  Many of these larger estates feature separate guest houses with their own kitchen and living rooms. Such arrangements would provide independent living for elderly parents. Further, consider your need for parking. Look for a home that provides several garage spaces and long driveways for additional cars. Also, consider how the family will bond while under one roof. Look for amenities like a large yard, a game room, a pool and/or tennis court that will satisfy all generations. Finally, look for a home that has been well-maintained and offers a good value.

9712 Sorrel Avenue in Potomac, MD is available off-market through Cynthia Press, Broker of Irongate Realty, for $3,999,990. Originally valued at over $6MM, this home features a first-floor owner’s suite, 5 bedrooms on the second floor, a fully finished walk-out basement with a bedroom suite, gym, movie theater, and separate entertainment areas. In addition, it has a 4-car garage and a separate guest house with its own kitchen and living room. With a championship tennis court and a heated lap pool, this home checks all of the boxes for a comfortable multigenerational living and is a fraction of its original price. Furthermore, the owner is offering owner-held financing, which will provide a mortgage to foreign nationals or others who cannot obtain traditional financing.

For more information on 9712 Sorrel Avenue or for assistance in finding another multigenerational property, contact Cynthia Press with Irongate Realty at 202-258-9300

For more information on 9712 Sorrel Avenue or for assistance in finding another multigenerational property, contact Cynthia Press with Irongate Realty at 202-258-9300