A new trend is emerging in the home building industry and its been driven by the rise in multi-generational living. Multi-generational living is a household of family members or extended family from different generations living under one roof.
Home within a Home
This trend is driving a need for floor plans that offer a “home within a home” layout to accommodate this style of living while still providing privacy. These multi-generational floor plans have a private suite within a single home. Often with a separate entrance these suites can include a separate living area, bedroom(s), bath(s), and a kitchen. These suites also include interior doors accessible to the main home.
With parents living longer and families desiring to keep them out of assisted living facilities the need for live-in care has continued to increase. This need has been met with multi-generational plans, allowing parents to share a home with a family member while still offering independence.
Multi-generational layouts are also desired by those looking for rental opportunities to offset their investment. Having a separate living space for short- or long-term rentals as well as Airbnb options works well with these layouts.
Others taking advantage of these floor plans are families with young millennial’s that still need financial assistance. Having a space for them while back from college and trying to find employment as well as offering them time to save for their future is ideal with this layout.
There are many benefits to multi-generational living. There are the financial benefits of sharing mortgage payments, taxes, and insurances. As an alternative to each family taking on a mortgage or not qualifying for one separately, together a family can share one home, greatly reducing living expenses. Other household expenses like utilities, and food can also be shared for lower monthly living costs.
With additional family members present in the home you have the benefit of sharing child caring, cleaning and creating stronger family bonds.
These floor plans also help aging family members feel more secure living with loved ones. The cost for assisted living facilities is also steady increasing and can put a financial burden on families. Caregivers also have piece of mind knowing their loved ones are close by, and will not be exposed to risks with communal living. For seniors looking to make the most of their retirement assets also find these floor plans attractive.
Young millennial’s that may still need financial assistance with living expenses benefit from multi-generational living. It provides them privacy, while also allowing them the ability to reduce student debt and work on building their savings.
Another great benefit to building this type of home is that multi-generational homes can be built in residential areas. They are not required to be built in only multi-family zoned area. This opens up more location opportunities and potential savings on lot acquisition allowing more flexibility for desirable neighborhood lots.
Multi-generational floor plans provide the privacy and flexibility that make living separately, but together enjoyable. The accommodations and benefits with these floor plans are ideal for many families. We currently offer two multi-generational floor plans that you can view here https://sposenhomes.com/multi-generational-floor-plans/.