One in six Americans currently lives in a multi-generational family household, with three or more generations living together. Some 51 million Americans (16.7% of the population) live in a house with at least two adult generations, or a grandparent with at least two generations, under one roof, according to a Pew Research Center analysis of the latest U.S. Census Bureau data. The Pew analysis also reported a 10.5% increase in multi-generation households from 2003 to 2009. New Jersey, with a larger and growing immigrant population, (and higher cost of living) very likely has an even greater percentage of multi-generational households.
This upward trend of multi-generational households will undoubtedly continue in the 21st century. If you are planning to renovate or increase the living space of your home or perhaps contemplating new construction (usually a teardown in NJ) it might be a good idea, to consider a multi-generational home design. The grandparents may move in to look after the kids when mom and dad are working. Young adult children often return home for an extended stay after college. Aging parents move in with their adult children to be looked after. Grandchildren & family members visit for extended periods.
Houses designed for multi-generational occupancy include private areas for independent living such as small kitchenettes, private bathrooms, and even multiple living areas. Separated living spaces are often connected to the main house for security and economy. Multi-generational homes are classified as single family, and not multifamily.
For economic and social reasons it seems fairly certain there will be more multi-generational households in the years to come. Newly constructed homes and older home renovations designed specifically for multi-generation occupancy, or with that option to convert later, may even sell for more someday when it comes time to move.
ABOUT: Arthur Aranda has over 25 years of mortgage banking experience and works extensively with home builders and homeowners on financing home construction and renovation projects. Aranda is also a Certified Financial Education Instructor and provides First Time Homebuyer Seminars. For more information on construction loans or to schedule a FTHB seminar please call Arthur Aranda at 201-741-1537.