Of the things Americans take for granted, one of the least
questioned is the future availability of familiar housing circumstances:
housing that’s ‘like where I grew up.’ For urban dwellers, that might be an
apartment or condominium; for others, a single-family home—a house with a yard,
or perhaps a farm or ranch house. It may be time to re-examine that whole idea.
Over the past few years, there has been a significant
increase in multi-generational living arrangements. We read and hear a lot
about the housing situation that sees many young adults now living with their
parents—but that’s not the whole story. Seniors are increasingly likely to live
with their children. The latest census housing data confirms that 9% of seniors
now live in a household headed by their children. If you are planning to sell
your home this summer, it’s worth thinking how multi-generational living is
affecting housing here in Charleston, SC.
In the past, multi-generational living was the rule rather
than the exception. In 1900, 57% of Americans aged 65 years or older lived with
other family members. Following World War II, increased education, better
access to loans and the GI bill meant that more young adults could buy homes.
At the same time, older adults benefited from social security and medical care
which let them live longer independently. By 1990, only 17% of people aged 65
years or older lived with their families.
The recession of 2008 created a job crunch that produced
the “boomerang kid” phenomenon: many young adults took longer to leave their
parents’ home to seek housing on their own. Too, the growth in the aging proportion
of the population has meant that many older Americans are living with their
adult children. A third contributor is the increase in the number of ethnic
minorities with cultural biases for more than one generation to share housing.
It’s not surprising if the result of these trends is to
influence Charleston housing preferences. According to the American Institute
of Architects’ Home Design Trends
Survey, there has been a traceable rise in demand for “in-law”
suites over the past year. There has also been an increase in demand for homes
with a master bedroom and full bath on the ground floor—the layout most popular
when older parents will be accommodated. Other features such as ramps, home
elevators and non-slip floors are also gaining popularity. Den, attics and
basements are all also increasingly being converted into bedrooms and living
areas for younger adults and older parents.
Developers are also responding to the same trend by
introducing housing best described as “multi-generational-friendly”. In 2011, national builder
Lennar introduced their “Next Gen” house plan: a layout that has the capacity
to become two houses in one. The attached house has its own entrance, bedroom,
kitchen and living space. A connecting interior door can convert the house into
one big home—but when closed, the two residences are separate. Apparently, the
idea has been a notable success: Lennar now offers 50 different Next Gen floor
plans in 120 communities across the country.
The return to multi-generational living seems likely to have
a significant impact on the types of Charleston area housing that will be developed
in coming decades. Charleston houses with in-law and young adult-friendly
features (such as additional rooms and bathrooms) are likely to grow in demand.
Especially if you’re thinking of remodeling your home, don’t hesitate to contact
me before you start. I can offer relevant feedback about how your remodel is
likely to affect your sales price now—and throughout coming years.
Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook
Real Estate
Charleston,
SC
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