Multi-Gen Family C/O NWI.COM
Jimmy Fallon recently quipped on his Tonight Show that “multi-generational housing” is just a fancy way of saying “I still live with my Mom.” While that is a funny comment, joking about this lifestyle on late night TV shows how mainstream the concept has become. The Pew Research Center reported last month that nearly 20% of all U.S. families – 60.6 million people – live in multi-gen households. And it’s not just college-age kids staying at home longer. The report shows that the economic impact of the 2007-2009 recession was a major impetus for the trend, yet here we are 5 years later and the number of families choosing that lifestyle continues to rise.
Certainly, there are economic advantages of sharing the cost of housing, but most of our clients report other positive aspects and incentives for adopting that lifestyle. Many households include grandparents, who consider it a privilege to see their grandchildren every day. They serve as live-in babysitters, built-in mentors, and general contributors to enhancing family life. There is a bigger sense of community when family members participate in meals and chores together. In our household, the greatest sense of fulfillment is at the end of a day working in the yard, and we are all sitting around our fire pit enjoying a campfire.
As a realtor with experience working with multi-gen clients, I can attest to the challenges of finding that “perfect home.” In today’s market, as multi-gen housing becomes more popular, homes with additional living quarters, or features that can be adapted for that lifestyle, are pushing prices up. Here is a market snapshot of all multi-gen homes in Clark County over $450,000:
95 Active Listings, ranging in price from $450,000 to $4,750,000.
Average SqFt is 4,730 with and Average $/SqFt at $224
Average Days on Market is 102
33 Pending Sales, ranging from $489,000 to $4,895,000
Average SqFt is 7,181 with an Average $/SqFt of $139
Average Days on Market is 128
27 Sales in past 3 months ranging from $475,000 to $1,425,000
Average SqFt was 4,036 with an Average $/SqFt of $154
Average Days on Market was 103