Multi-generational living is exactly what it sounds like–several generations of families living together. This trend grew during the recession: many young adults had trouble finding jobs and moved back in with their parents after college. Additionally, seniors who might have been relying on some help from their children for living expenses might have given up their residences and moved in with their kids to save money (as many of those home owners suffered job losses of their own). Additionally, seniors who are not working outside the home can help care for grandchildren and, if they drive, can run errands and help with meal preparation. Young adults can participate in those tasks as well as cleaning/house work and minor repairs, if they are handy.
Apart, though, from the financial benefits of sharing a home, Americans (a little late to the game, in my opinion) are discovering that there are some major advantages to multi-generational living. The opportunity for grandparents and grandchildren to see each other on a daily basis forms very strong familial bonds. It also means that there is less traveling for visits on weekends or holidays when many people would prefer to use the time to relax. Having young adults around with younger children may provide them with a confidante/role model (obviously, it depends on the young adult!). I also think that multi-generational living has the effect of strengthening the bonds and demonstrating the value of family. It will be interesting to see if this trend continues…
After writing the original post, above, during the pandemic, I wanted to, in late 2023, revisit the topic. I had wondered whether the trend would continue. This article indicates that it has. According to CNBC, 18% of American households are multi-genreational, a pattern that has grown steadily during the last 50 years. At this point, the main driver of creating multi-generational households is the incredible divergence between housing costs and wages. In the last 10 years, wages have increased by 54%, but housing has increased by 74%. If you look back even further (adjusted for general inflation), housing prices have, since 1965, inreased 118%, while income has only increased 15%.
With less and less available land to build on, new construction continues to lag behind demand for housing. It’s hard to see a scenario in which availability of housing increases substantially and there is no reason to expect demand to decrease–everyone needs somewhere to live. I hope that more options to the housing shortgage present themselves–there is some promise in the idea of inexpensive, quick-to-be-built modular or 3-D housing, for example. For now, though, multi-generational living remains a very good choice for many people, and not only for the cost savings.
This post was updated October of 2023.
Leave a Reply