Multi-generational living grows in popularity during pandemic

Multi-generational living grows in popularity during pandemic

Multi-generational living grows in popularity during pandemic
More home buyers are searching out new homes that can accommodate their older family members according to a new report. As senior living centers have grown to be lethal hotspots because of the coronavirus, family members are working hard to keep their older relatives at home.

The National Association of Realtors’ 2020 Profile of Home Buyer and Sellers shows that buyers during the pandemic were more likely to purchase a multi-generational property compared to last year.

In addition to considering COVID-19, multi-generational living allows home buyers to save on assisted living expenses and to pool multiple income sources to purchase a larger home. The Wall Street Journal reports that homebuilding giant Lennar says it expects to increase its line of Next Gen homes by more than 20 percent in the coming year.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.

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