How the real estate market has been changed in 2020 by multigenerational living
For a steadily increasing number of Americans, there is no place like moving back home, permanently
National Association of Home Builders CEO Jerry Howard discusses mass movement from large cities to the suburbs amid the coronavirus pandemic.
There is no place like home for the holidays, but for a steadily increasing number of Americans, there is no place like moving back home, permanently.
As the coronavirus pandemic celebrates its anniversary, the newest trend taking over the market is the growing number of people moving out of their high-rise lifestyle in places like New York, Chicago and Los Angeles.
These individuals aren’t just moving out of the city but they are boomeranging back to their roots in less densely populated areas such as Atlanta, Houston, and Dallas.
Millennials choosing to move back home isn’t new, it has been a popular housing solution for more than a decade, but the COVID-19 pandemic has accelerated the rate. It has also changed the standard reason for people to run back to the familiarity of their family home. A major move is no longer necessarily based purely on a financial decision.
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The difference between kids moving home in 2020 can largely be credited to the flexibility of remote work.
People don’t necessarily have to live in the same city as the headquarters of their company right now. Virtual work allows everyone to keep working for the same company, from the comfort of their computer, anywhere in the world.
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For many in 2020 that has meant that the new workspace is their parents’ home.
How are parents, those that have adjusted to that empty nest lifestyle, adapting to their 30-year-old children moving back home? The only adjustment that makes sense is creating more space -- and some much needed privacy.
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Families are looking to change their living situation to better adapt to having adult children in the home and privacy is the biggest desire from both parents and adult children.
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Adapting to the new multigenerational lifestyle has shifted the trend from the last decade. The demand for open concept living is suddenly taking a step back to make room for the trends of the 1970s and 80s.
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Light and bright spaces have dominated the market for over ten years but now builders are being asked to do things they haven’t done in a decade.
Not only are people moving back home, they have to work from home and that means there may be the need for multiple office spaces.
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The home is changing, now people need privacy and space, which means they need an office, media room and multiple living spaces.
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The sudden reversal about what a traditional home should like in 2020 has led to an increase in home sales for families looking to upgrade their homes into places that make sense in the 2020 (and 2021) world.
The real estate market is taking a proactive approach to multigeneration living, by adapting to the needs of what the 2021 family lifestyle looks like.
Rogers Healy is the Founder and CEO of Rogers Healy and Associates Real Estate, which is one of the most successful independently owned real estate firms in the country. He is also the Founder and CEO of Healy Global Relocation and Healy Property Management. @rogershealy + rogershealymedia.com.