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Sharing the Nest: How Multigenerational Households Could Impact Housing

March 27, 2012

When we think of a household with multiple generations, the traditional situation has been an older parent moving in with their adult children. But more and more, adult children (and their spouses and children) are moving back in with their parents.

This is according to a recent study by Metlife that shows older children are moving in with their parents at a record high rate, creating a new kind of head of household – the grandparent. The highest concentrations of these families are in the South and the West. The popularity of multigenerational households has increased in the past decade due to the economic recession, including loss of savings, job loss and foreclosures. In Nevada, a state hit very hard by home foreclosures, multigenerational families increased 72% between the 2000 and 2010 censuses.

What does this mean for Chicago real estate?

It could have a negative impact on 50+ housing. Age-qualified or lifestyle communities with age restrictions on its residents may be less appealing to some boomers, who either already have adult children and grandchildren living with them or want to stay in a home that would make it possible for their adult children and grandchildren to move into, should the need ever arise.

At the same time, it may have a positive impact on housing targeted to boomers that offer single-level living for the owners, but with enough space to accommodate a few additional bedrooms on the second level.

Read the full report, Sharing the Nest: A look at multi-generational households in America, which gives demographic details and refers to an additional study on the changing role of grandparents.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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