According to RE/MAX in an article dated April 13th, 2020, they don’t expect housing prices to be “jaw-dropping” after the COVID-19 crisis has passed. With a great deal of people out of work, things are still up in the air. On the bright side, housing experts continue to say that there is a low chance of a market collapse.
Luxury real estate sales across Canada increased this past March, demonstrating that those who continue to be financially stable are investing in properties.
What Is a Multi-Generational Home?
When family members of more than two generations are living together, that means that they are under the roof of a multi-generational home. The number of people living in a multi-generational home continue to increase both in Canada and in the United States. In 2017, about 1.9 million Canadians between the ages of 25 and 64 were living with at least one parent. In 2016, 64 million Americans were reported to be living in a multi-generational home, which reflected numbers seen in the 1950s.
Multi-generational houses come with separate living spaces, similar to having several apartments in one building. For instance, your grandmother could have her own kitchenette while the rest of the family use the main kitchen. Multi-generational houses provide a separate and complete living area for married or unmarried couples, parents, and grandparents. Families can have peace and independence while still being able to check in on one another.
The Price of Living Alone or with a Partner are Too High
When students graduate, there aren’t always job opportunities waiting for them, so they are forced to remain with their parents for much longer while they save up and search for a job. After graduation, many students also have loans to pay back. It was calculated in October 2019 that Canadians pay an average of CA$6,463 per year for an undergraduate degree at a Canadian university. With that hanging over their heads, students have less of a chance of being able to financially support themselves if they were to get an apartment or even move in with roommates.
Some Cultures Support Multi-Generational Living
Whether you’re from South Asia or Northern Africa, some cultures expect the younger generations to care for elder family members or they see living on one’s own as disrespectful.
Forty-two-year-old lawyer Meena Khan felt she had more independence living with her aging parents than by herself. She found that she was financially independent and could enjoy luxuries, such as owning a car and travelling, while helping her mother take care of her father under the same roof. With her strong sense of family, Khan admitted that she’d feel terrible if she wasn’t there for her parents.
Family Members Require 24/7 Aid
As we age, we lose our independence and need someone to help us with many tasks, including remembering to take our medication and eating according to our doctor’s requirements. Elderly individuals don’t necessarily want strangers taking care of them and prefer living in an environment they are comfortable in.
If a child has a disability, the parents are often going to care for them, and having other family members in the home will provide additional support for both the child and parents.
Find Your Multi-Generational Home with Susan Macarz!
Whether you’re part of the “boomerang generation” or a close-knit culture, living with family provides many benefits. Susan can help you find a multi-generational home that will answer everyone’s needs.