jlsRelocation_logojlsRelocation_logojlsRelocation_logojlsRelocation_logo
  • Home
  • Services
  • Search Homes
  • National & International
  • Resources
    • Communities
    • Cost of Living Comparison
    • News Blog
  • Contact Us
✕
Boitano Home
Custom Built Boitano Home – Renton, Washington
April 9, 2019
Starbucks cups
Starbucks Invests $100 Million!
April 12, 2019
Published by admin on April 11, 2019
Categories
  • Industry Trends
  • Market Update
Tags
  • Home Buying
  • Industry Trends
  • Market Update
  • Millennial
Family

Multigenerational Homes Are Growing

The Type of Homes Your Buyers Want

“Downsizing is losing its appeal, and most home buyers are supersizing their home again to accommodate a growing number of people under one roof, according to the National Association of REALTORS®’ newly released 2019 Home Buyers and Sellers Generational Trends Report.” (magazine.reaaltor)

The need for larger homes is becoming more of a demand to accommodate multiple generations. The adult children are either moving home or they never left home.

“The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents’ homes either out of necessity or an attempt to save money,” says Lawrence Yun, NAR’s chief economist. “While these multigenerational homes may not be what a majority of Americans expect out of homeownership, this method allows younger potential buyers the opportunity to gain their financial footing and transition into homeownership. In fact, younger millennial’s are the most likely to move directly out of their parents’ homes into homeownership, circumventing renting altogether.” (magazine.reaaltor)
Older millennial’s, aged 29 to 28, are also buying larger homes so they have room for their aging parents.

In fact, 82 percent of all homes purchased continues to be a detached single-family home, according to NAR’s report. It remains the most popular among all age groups.

The average price of the home purchased varied across generations, too:

28 and younger: $177,000

29 to 38: $274,000

39 to 53: $277,800

54 to 63: $251,100

64 to 72: $250,000

73 to 93: $243,000

 

Click here to read the full article:

Here’s the Type of Home Your Buyers Want

 

April Industry Trends: Discover More Great Articles Below

Spring homebuyers likely to grapple with affordability

20 Affordable Small Towns for Retirees in 2019

45% of Millennials Expect Their First Home to Be Their ‘Dream Home’

Cooling market is good news for first-time homebuyers

‘How’s the Housing Market Right Now?’ Answers Ahead

Average home listing price reaches all-time high

Share
0
admin
admin

Related posts

Photo by Morgan Lane

January 11, 2023

Here Are the U.S. Cities Where Home Prices Rose—and Fell—the Most in 2022


Read more

Photo by Jon Tyson

December 13, 2022

2023 could be a year of paradoxes, with slow sales but rising prices


Read more

Photo by Randy Fath

November 14, 2022

Homebuilders say they’re on the edge of a steeper downturn as buyers pull back


Read more

Comments are closed.

© 2021 | John L. Scott Relocation