Realtors Seeing A Resurgence In Multigenerational Homes

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New York Yankees catcher Yogi Berra is not only famous for his talents on the field, but also his mastery of the English language, in particular, “It’s like déjà vu all over again.”

It seems like history continues to repeat itself today.

In real estate, sales cycles repeat and housing structure sees modification and rebirth.

Growing up in Cleveland, Ohio, it was not uncommon for young families to rent a part of a home called a “two family.”

These dwellings would be on an individual parcel of land with a complete living unit both upstairs and downstairs.

It was not uncommon to see parents living downstairs and a young family living upstairs.

Perhaps the “two family” evolved into today’s duplex.

Even in the suburbs of Cleveland, a family friend had a home built in the late 1950s to house his parents upstairs and his family downstairs.

A November 2011 article in Business Week found between 2000 and 2010, so-called multigenerational households increased by 30 percent, according to information derived from the U.S. Census Bureau.

The reasons for this increase included the economy contributing to “boomerang” kids returning from college, loss of employment as well as the aging baby boomer population moving in with their children to help with child care or to save money.

In 1940, multigenerational families made up almost 25 percent of households.

This figure dropped to a low of 12.1 percent, but has risen back to an estimated 18.3 percent of U.S. households today.

Three leading homebuilders — Lennar, KB Homes and Pulte — are offering homes that target multigenerational families.

A secondary target market of this building style is snowbirds that come to visit their children and grandchildren.

These homes offer features such as separate entrances, master bedrooms and kitchenettes.

Pulte is offering homes that come with guest houses or the option of converting garages to casitas.

Lennar is eyeing a growing demand for this type of housing and expects to offer their version of a multigenerational home in as many as 40 communities.

This style of home may not be too common in the Rim Country; however, family friends have had homes built to accommodate their family and their parents.

As for my kids, when the time comes, they promised they would put me in a good retirement community.

Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.

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