Multi-generational households to double: Survey
Baby boomer homeowners who watched too much TV growing up may remember the title of a short-lived 1962 series, “Room for One More.” The economic collapse is giving the concept new currency with multi-generational households poised to increase in continuing touch economic times.
Twice as many homeowners as today will open their doors to adult children or aging parents at some point in the future according to a new survey of more than 1,000 homeowners by PulteGroup, one of America’s largest homebuilding companies. The survey polled those with children ages 16-30 and those with living parents.
Among homeowners with grown children, 14 percent already have a “boomerang kid” who has moved back home and living independently. Almost one-third (31 percent) expect at least one child to return home in the future. Among those with living parents, 15 percent already have aging parents living with them, but 32 percent expect they will eventually be sharing their home with a parent.
The survey found that economics is not entirely at the root of this growing trend. A high number of households welcome back parents “as a deliberate choice to enhance familial relationships and build a better bond among the generations,” the company announced in a release.
Indeed, nearly half of survey respondents stated that family bonding is the best reason for accommodating boomerang children and parents. The worst part; Cramped space and an increase in familial friction leading to arguments and bickering. So say 40 percent of those with parents moving in and 31 percent of those who anticipate adult children returning home.
As for finances, only one in five parents of boomerang children view the added expense negatively, the survey found, while only 13 percent of homeowners taking in their aging parents consider it to be a negative.
A Pew Research study released last March founds that the number of Americans living in multi-generational family households is at its highest since the 1950s and has increased “significantly” in the past five years, coinciding with the economic collapse. Millennials ages 25 to 34 are among the most likely to be living in multi-generational households.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.