Tuesday, September 10, 2019

Multi-generational Living is the Newest Niche Market for Modular Home Builders

It’s becoming more and more popular and in many instances, necessary, for two and three generations of family members to live together under one roof.

There is a resurgence of multi-generational living with people in more than one generation in the same household. In certain ethnicities, some which are growing, it is common for three to four generations to live together.

Modular home builders and their factories need to be attentive to this new ‘normal’ for added new home sales.

Many adults are opening their homes to their elderly parents rather than having them live alone or sending them to an assisted living facility. Some families are purposely inviting grandparents to live with them for convenient in-home child care.

This could mean modular home additions, medical ADUs and even standard ADU for younger family members that have grown and moved out of their parents' home are often returning, sometimes with partners and children. In some cases, this is because of college debt accrued in their time out on their own.

The result of these varying scenarios is that an antiquated, once necessary, housing option is redefined by a forward-thinking conscious choice to share lives. One major upside to multi-generational living is sharing expenses.

These multi-generational homes are living spaces that provide an atmosphere for parents, grandparents and children to grow older together by incorporating a custom, private suite design for extra family to visit or stay.

Less expensive than a more traditional duplex home, these multi-generational homes are split into two levels.

This living together trend isn’t so much a new one, but a re-surging concept in housing and homeownership.

Families living under one roof was once the norm in America. Then, after World War II the U.S. economy fully transitioned from agrarian to industrial manufacturing. Returning service men and women moved to cities to take advantage of education provided by the G.I. Bill and jobs created by the manufacturing economy.

Pent up demand for consumer goods after the Great Depression and the war along with greater prosperity made owning single-family homes possible. Levittown, PA was born from the idea of affordable single family home ownership.

Also, life expectancy then was not what it is today. Today, people live longer and stay healthier decades longer than their ancestors.

Additionally, the economic reality is that the dollar does not go nearly as far as it once did. In these times, two and three generations living together sharing lives and expenses under one roof is practical and affordable.

Separate entrances, lounging areas and kitchens allow both parties an independent lifestyle, even while residing under the same roof.

Check your market area and if you are seeing more multi-generational households, maybe it’s time to add a couple of floorplans and designs targeting this market before the site builders catch on.

1 comment:

Anonymous said...

Working with five families concerned with this issues now and pricing vertical options with 2/2 first floor and 3/2 second plus generational media room basement/garage. Tough to find the right manufacturer.