Family reunions are taking on a new meaning in the real estate market.
A Coldwell Banker Real Estate survey shows that 37 percent of homebuyers want to purchase homes to accommodate more than one generation of their family. In addition, almost 70 percent of the company’s sales agents believe that economic conditions might cause greater demand for multi-generational homes in their market next year.
Financial drivers are cited as the number one reason home buyers are moving into a house with other generations in their family. About 29 percent said that health care issues were the primary reason and six percent cited a strong family bond as the main factor.
“While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” said Diann Patton, consumer specialist for the real estate group. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with each other and can better juggle child care and elder care.”