If you’re like many people, 2020 taught you the value of multigenerational living – that is, the practice of more than one generation of a family living together in the same home (or at least on the same property). It’s happening all over Scottsdale, too; adult children are moving in with parents to save money, stay safe and preserve convenience. So is it the right choice for you?
Is Multigenerational Living in Scottsdale Right for You?
First things first: Multigenerational living doesn’t necessarily mean that you’re all living under the same roof. It can take many forms. Some people share land with family members, where one family lives in one home and the other lives in a separate house; sometimes it’s more like duplex living, where each family lives on its own side of a shared home, but there are separate entrances, separate living quarters and even separate garages.
Why Are More People Choosing Multigenerational Living in Scottsdale?
A Pew Research Center poll found that about 6 in 10 adults who have moved since the beginning of the COVID-19 pandemic have moved in with a family member. To break it down further:
- 41 percent moved in with parents or in-laws
- 16 percent moved in with another family member
- 4 percent moved in with an adult child or in-law
The COVID pandemic has accelerated multigenerational living’s popularity – especially among people faced with the choice of sending aging loved ones to live in a nursing home – but it was already on the rise prior to the pandemic. Part of that is due to the reverse population pyramid created by baby boomers; by 2040, 1 in 5 Americans will be over the age of 65. That’s up from 1 in 8 in 2000.
There’s more, though. The cost of housing is high; more than 10.9 million households across the United States are spending more than 50 percent of their income on rent and mortgage payments. Home prices are still rising, as well – although in November 2020 the national median list price was down slightly (it was $348,000), it’s still up 12.7 percent compared to last year, according to the National Association of REALTORS®.
Add to that college students coming home to stay, and that explains the surge in multigenerational living all over the country – including right here in Scottsdale.
Should You Buy a Multigenerational Home?
If you can see sharing your space with family members in the near or distant future, you may want to invest in a multigenerational home.
Before you start looking, though, you have to prepare each adult family member properly. Create a checklist that covers everything you’ll need – whether it’s separate entrances, two homes on the same piece of land, or even additional property for horses or other animals. You’ll also need to discuss what belongings make it to the new home, who’s doing the heavy lifting during the move, and how each adult (or group of adults) will contribute to the mortgage.
Pro Tip: If you’re considering moving into a multigenerational home with aging parents, remember that they may have a diminishing social network that moving could exacerbate. You’ll also need to consider mobility issues, so it’s important that you find a space that meets both of those needs.
Are You Buying or Selling a Home in Scottsdale?
If you’re selling a luxury home in Scottsdale, we can help. You can use our home value calculator to get a ballpark idea on what your home may be worth – and you can call us at 480-351-5359 to talk to a REALTOR® about how we can market your home to all the right buyers.
If you’re also looking for a new home, we’ll be happy to show you the homes that interest you most. While you’re here, explore all our Scottsdale real estate listings or look in specific communities:
- Desert Highlands homes for sale
- Hidden Hills homes for sale
- Legend Trail homes for sale
- Pinnacle Peak homes for sale
- Sincuidados homes for sale
- South Scottsdale homes for sale
- SunRidge Canyon homes for sale
- Winfield homes for sale
REALTOR® | Founder
The Matheson Team
RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255
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