More Buyers Looking For Multigenerational Homes, Coldwell Banker survey

2010 February 26

More buyers were looking for homes to accommodate a multi-generational household in the last year, according to survey results by Coldwell Banker Real Estate.

Coldwell Banker Real Estate conducted an online survey, across the United States, on trends regarding multi-generational home buyers and sellers in January 2010. According to the survey, 37% of the 2,360 Coldwell Banker real estate agents who participated said there was an increase in buyers looking for homes to accommodate multiple generations.

More generations are living under the same roof and the year ahead could bring an even greater interest as families grappling with near double-digit unemployment share expenses. Seventy percent said that economic conditions may create greater demand for these homes during the next year.

Buyers were primarily driven by financial concerns when deciding to combine generations in a household, the survey found. Health concerns were the second most common reason and strong family bonds a distant third.

“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, Coldwell Banker Real Estate consumer specialist. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle child care and eldercare.”

Financial considerations are the main driver of the spurt in multi-generational home buying, according to 39% of the agents who responded. 29% of agents listed health care concerns as the top reason buyers were moving in with other generations of their families. 6% gave strong family bonds as the top reason.

This shift in homeownership comes as unemployment hovers just under 10% and many consumers are being dealt wage cuts. College graduates unable to get jobs are often returning to their parents’ homes. Buyers are buying houses with separate entrances with units for each and room for a caregiver. With pooled resources, households are able to reduce expenses.

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