As home prices increase, some home buyers are looking to have more people live together under one roof. Multigenerational home buyers can save money in the areas of care givers, transportation, energy costs, and other maintenance.
But a close look at research surrounding multigenerational homes reveals that, although saving money is important, it’s not all about the cash.
The 2018 BUILDER Concept home, the reNEWable Living Home, invested in research of more than 325 respondents living in or shopping for a multigenerational home. The survey was conducted by The Farnsworth Group in April to be used to create a better understanding of priorities and demands of the multigenerational buyer.
The reNEWable Living Home provides an opportunity to incorporate these survey findings into a built home. The home is priced to meet real-world Orlando market income levels, with household incomes in the range of $175,000. It’s designed to fulfill a dream of livability and real-time adaptability, offering multiple evolution-over-time options, such as a revenue suite, an in-law suite, or a suite for adult children.
The survey results reveal that most multigenerational home buyers choose their home for financial reasons or for physical assistance. A shared home with all parties involved in the decision making was preferred over other housing options, like assisted living. This choice of sharing family time and space ties into the concept project’s theme of renewal. Elderly members of the household look to the trust and belonging that their family provides instead of choosing to move to a retirement community.
How the space is used and arranged within a multigenerational home is important. The Meritage reNEWable Living Home will show how a home can be optimized and separated into public and private spaces that really emphasize the needs of each member individually and as a family unit.
Another critical aspect of the research shows that while home buyers typically don’t know how long they will need certain multigenerational features, many indicated they wanted to stay in the home regardless. Since most buyers initially choose multigenerational homes in order to live with an aging parent, there can be a lot of unknowns. However, at any point, the home can be renewed and transformed into a new space that can adapt to its residents in a new way.
Stay tuned for more research behind the multigenerational buyer and to see the results of this research come to life in the reNEWable Living Home that will be on display in January 2018 in Orlando. Visit www.builderonline.com/renewable.
