Multi-Gen Home Shortage

231
Multi-Gen Home Shortage

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.

Aging Population

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.

Multi-Gen Home

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.

Deborah Spence is an award winning Broker/Owner in the Philadelphia, Pennsylvania. Born and raised in the Bronx, New York, Spence attended Hofstra University on a full scholarship program for inner city kids called the (NOAH) program and graduated in 1994 with a degree in Business Administration-with a major in Accounting and minor in English. The mother of two boys, Spence dealt with a series of medical issues that had her in and out of hospitals for nearly a decade before relocating and starting over in the City of Brotherly Love where she finally had the opportunity to enter the real estate industry. In an amazing rookie year as an agent, Spence listed 63 houses and sold 31. Proving it was no fluke; she sold nearly 50 more homes in her second year and became a “go to” real estate agent. After reading her success story, you will understand why she says, “If I could do this, so can you.” Media inquiries: blog@propy.com