MultiGen Homes – The New Norm?
A recent report by Pew Research Center shows that 52% of young adults now live with their parents – the highest percentage since the Great Depression. Clearly, these numbers reflect the devastating impact of COVID-19 and its effect on the economy. While this is not the type of intentional multigen households we typically cover, it is still a significant development. One that could have repercussions for the U.S. demographics in general and housing markets in particular.
Much will depend upon how much longer COVID-19 will be on the rise, and how long before the U.S. economy starts a rebound. While putting this Market Report together, we noted that, compared to a year ago, sales of multigen homes are up 53%, and Average Sale Price is up 16.7%. Who knows what the future holds, but for now, this is a trend worth watching.
We are the only realtors in Clark County who specialize in multigen homes. If you would like to learn more about multigen homes and the market, contact us.