“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.
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