After several decades without the multigenerational home, GenXers are bringing it back to the U.S.. Gen Xers are actually buying homes to share with their adult children. These days, one in six Gen Xer bought a multigenerational home. Over half of the Gen X homebuyers that bought a home specifically to accommodate a multigenerational household say that they bought the home because their adult millennial children either were never able to move out or had plans to move back home.
These are the results of the 2019 Home Buyer and Seller Generational Trends research from the National Association of Realtors. Older millennials were also buying multigenerational homes. About a third of them stated that they were buying these homes to take care of their aging parents. Another one-third said they were buying a home to accommodate their parents in order to spend more time with them.
Real estate investors should take note of the growing trend. As Gen Xers purchase homes to accommodate their adult children, it needs to be noted that their Millennial children are more likely to move from these homes directly into homeownership. The Millennial generation is the most likely group to skip renting altogether.
Millennials as a whole are currently the most active generation of homebuyers. This is true for the sixth consecutive year. The study further divided Millennials into older and younger Millennials, because younger Millennials are purchasing the least expensive homes with around 1,600 square feet.
So, while older Millennials and Gen X buyers are more likely to need more space to accommodate their multigenerational needs, the younger homebuyers in the Millennial generation are devouring the smaller home market. One consequence of this is that Boomers trying to downscale are having to compete because Millennials aren’t renting as much. They are circumventing renting and jumping right into home buying.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.