Let us face it. Our population is aging. There has been an increase in access to good healthcare. Medical technology is emerging. Lastly, more public information about how to stay healthy is available. Comparatively, the real estate industry is so far behind with developing larger segmented homes to accommodate multiple generations (Multi-Gen) in one space. As a result, there is a Multi-Gen home shortage.
I do not need to throw a bunch of statistics at you regarding the aging population. We have been slowly watching the growth in our own families. Just last year, because of a crisis, I was living in my two-bedroom condo with my teenage son, my niece, and my mom. It was three generations under one roof, and it was so uncomfortable. Fortunately, I was able to move my mom and niece to a disability-friendly setting close to me so that they would be more comfortable.
The Future of Multi-Gen Homes
Hopefully, there will be more Multi-Gen homes on the market like this one in particular, which has a first-floor bedroom suite with a sitting area and a full bath. It is also great to have a finished basement in which small children and teenagers can gather, two laundry rooms, a full bath on every floor, and two large kitchens.
Here Is an Idea
Here is a small tip that can help you update your current home or offer an idea on what to look for when shopping for a Multi-Gen home. The suggestion is great, especially for Millennials, who are the most impulsive buyers.
It is mandatory to have a first-floor bath and bedroom. You can convert an office or den into this new space. Also, try changing a closet into a full bath, using the plumbing connections in the basement.
Will the real estate industry catch up? I cannot answer that, but I know that a shortage of Multi-Gen homes currently exists. There are some available, like the one I mentioned earlier. Unfortunately, the good ones move quickly off the market.
In conclusion, let us look around at our families. There are adults taking care of their children, parents, and aunts/uncles. So, where are they living, and are they comfortable? I think there is an opportunity for growth in the real estate industry for this segment of the population.