Multigenerational Homes Surge in U.S.

[VAL9000]

Hey Ericopoly,

 

I saw this article on multigenerational homes and thought you might be interested.  I agree with your overall thesis that 30-year-olds don't want to live in their parents' basements forever, but this article brings up an interesting cultural preference with respect to Asian and Latin families. 

 

Grandparents living with their children is reasonably common here in Toronto.  However, my observation has been that you're more likely to live with your grandparents if your parents are first generation immigrants.  Race was less of a factor.

 

http://www.bloomberg.com/news/2011-08-30/grandma-bunks-with-jobless-kids-as-multigenerational-homes-surge.html

 

 

[Parsad]

While this was primarily a cultural issue for many immigrants, I suspect that as the Boomers get older, multi-generational housing will be more common so that children can take care of their parents as they age.  Already there are many homes built in Vancouver with in-law suites, even though the in-laws still live in their own home and are perfectly healthy.  I don't think there will be enough retirement homes for the wave of seniors that will come.  Cheers!

[Hoodlum]

If this is a long term trend, I wonder how much impact this would have on housing demand.

[turar]

Already there are many homes built in Vancouver with in-law suites, even though the in-laws still live in their own home and are perfectly healthy. 

 

I always thought this was because it's very difficult to afford a Vancouver mortgage without renting out a part of your house.

[Parsad]

Already there are many homes built in Vancouver with in-law suites, even though the in-laws still live in their own home and are perfectly healthy. 

 

I always thought this was because it's very difficult to afford a Vancouver mortgage without renting out a part of your house.

 

That's partly become the reason now, but there have been multi-generational homes in Vancouver for the last 30 years.  It really took off in the 80's and 90's with the large Punjabi population in Surrey and the enormous inflow of Hong Kong immigrants. 

 

Now we have new "laneway" homes, similar to residences in London or San Francisco...small footprint homes where normally a driveway or garage might have been.  These are often used as mortgage helpers or in-law residences.  They design of many are very nice actually.  Cheers!