Why Demand Is Perking Up for Multigenerational Housing


SARASOTA, FLORIDA, June 8th, 2016 – The market for multigenerational housing appears a growing niche in 2016, opening opportunities not only to homebuilders. It is also a point to consider for prospective sellers of large, pre-owned Sarasota homes for sale which can be retrofitted to accommodate extended households.

According to a 2012 study by the Pew Research Center, the number of U.S. residents living in homes with extended families has doubled to 57 million since the 1980s. This popularity of multigenerational households, which hasn’t been experienced since the 1940s, can be attributed to several factors.

Stronger Family Bond

Why Demand Is Perking Up for Multigenerational Housing

One of the reasons cited for this resurgent trend was an increase in immigrant families, particularly Asians and Hispanics for whom intergenerational households are often the norm. Besides stronger family ties, economics is another robust driver particularly for young couples with children whose parents taking charge of the kids in the household can help offset child-care costs. For some families, two or more generations sharing a home is also one way of looking after aging parents.

The lingering effects of the Great Recession, especially on millennials saddled with student loan debts, have also contributed in the perky demand for multigenerational housing. An analysis, also conducted by the Pew Research Center, indicated that millennials now stay longer with their parents or are moving back home after college to cope with their tight financial situation. This new research showed that 32.1 percent of young adults were living with parents as of 2014, compared with just 23 percent in 2000.

Millennials Marrying Late

An ongoing trend for millennials to postpone marriages and form new households late was likewise noted. The center’s study showed that in 2014 only 31.6 percent of young adults in the 18‒34 age bracket were married or living with a partner, down from the 43 percent estimate in 2000.

Lennar Homes is one builder of Sarasota homes for sale which has been keen on demand multigenerational residences. Through its NextGen series, it claims as the first production home builder to provide a solution for multigenerational family living.

One of these builds is currently listed in the MLS of Sarasota homes for sale with a tag price in the low $500s. Located in the Bridgewater community in Lakewood Ranch, this home built in 2014 has a floor area of 3,845 square feet designed with six bedrooms and four baths.

Great Home Choices

This residence is equipped with a smart home automation system which allows the homeowner to control via an integrated app the door locks, lighting, and lawn irrigation, as well as security of the residence. The amenities available in this community include a championship golf course, tennis center, resort pools, state-of-the-art fitness center, and full-service spa.

Another potential choice for a multigenerational residence was recently sales-listed in the Heritage Harbour neighborhood of the River Strand golf community in Bradenton. Having a floor plan of nearly 4,000 square feet, this residence has a tag price in the high $400s and features six bedrooms and four and a half baths. Its community is likewise rich in amenities, such as a 40,000-square-foot clubhouse with grill room and bar, billiards room, tennis courts, multiple pools, and fitness center, facilities that can indeed greatly enhance multigenerational family living.