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Trend for 2010: Multi-Generational Homes

As reported in Reuters and many other news outlets, we surveyed Coldwell Banker real estate agents across the country and found that 37 percent have seen more families looking for homes that can accommodate multiple generations.

I have wonderful memories of growing up on a farm and living with my grandparents. The lessons they taught me shaped the person I am today, and I wouldn’t trade those experiences for the world. I was just a kid on a farm living together as an extended family. Today we would have been referred to as a “multi-generational” household. Did you know that today there are 6 million U.S. “multi-generational” households that consist of at least three generations of family members? That amazing stat, which is 30 percent higher than in 2000, was included in a recent New York Times article that cited Pew Research findings.

Coldwell Banker is tuned into this trend as well. As reported in Reuters and many other news outlets, we surveyed Coldwell Banker real estate agents across the country and found that 37 percent have seen more families looking for homes that can accommodate multiple generations.

Financial drivers were the primary factor that 29 percent of our agents cited behind this trend. Health care issues were also cited by 29 percent of Coldwell Banker agents as an influencer, while 6 percent cited a strong family bond as a strong factor.

If this topic is of interest to you, I suggest you take a look at this video on Coldwell Banker On Location. Diann Patton, our Coldwell Banker consumer specialist, did a great job in highlighting our survey findings. Diann also provides useful tips for those looking to join the “multi-generational” trend.

  • http://www.ExploreOCHomes.com Harrison K. Long

    Extended families buying multi-general housing is more evident as trend these days here at Irvine, CA. Some people are buying condo homes to be used as housing for their kids who are UCI and Irvine Valley College students.

    I’s important for such buyers to have a plan for the purchase and investment, what money will be used, who are buyer parties to the purchase contract, whether there is written contract agreement between family members, who makes the payments, and who is responsible for property upkeep.

    It’s also important for buyers to consider possible exit strategy, when and under what circumstances the property will be sold or traded.

    Harrison K. Long, Realtor agent and broker, Coldwell Banker Previews, Irvine, CA.

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  • Franklyn J. Palau

    In light of our current country’s economic situation, I believe it is wise and sensible that families come together. Multi-generational household living is nothing new to a large group of Americans. America has always been the melting pot of the world, and where U.S. Immigrants build their foundations by strong family values. These family values consist of financial support amongst family members and in most cases, Immigrant families work very hard within their communities and eventually become entrepreneurs. It is wonderful to see that some customs never die out. In fact, we sometimes have to go back to the lifestyle we originally came from in order to re-group for a fresh new start. So, we might be more inclined to see a new “trend” of Buyers looking for additional space to build in-law quarters or affordable homes with the potential to renovate and add an extra wing for privacy. Whatever the case may be, I welcome this wonderful, so called, new “trend.”

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