In 2021, we are already seeing the pressure relief valve loosening. Pent-up demand for housing, entertainment and social activities is slowly seeping out in the form of reduced restrictions, wide-scale vaccine rollouts and increasing economic activity. It is clear that we are moving forward from the events of 2020.
Still, while many of our favourite things will come back largely unchanged, our housing will never be the same. Many families are choosing to stay together in their homes or selling multiple properties to accommodate a multigenerational lifestyle. Some of the reasons for this change include:
Caring for an Ageing Relative
For many multigenerational homes, the key driver of the decision is the oldest member of the family. Not only are more families choosing to move in together under one roof to save money, but many are also rekindling their relationships. The reduced costs of sharing a home, as opposed to senior living care, can be substantial.
Consolidating/Leveraging Wealth
In 2021, many consumers are coming to realize that their personal finances are just not enough to purchase their own homes. As a result, multigenerational homes are growing in appeal for those who are still looking to own property to grow their family’s wealth. Many families are pooling their savings together to purchase either their first property or improve their chances of larger lines of credit for more valuable property acquisitions.
Pandemic-Related Factors
As we’ve seen throughout the last year, the ongoing pandemic has sent shockwaves through traditional and emerging markets alike. Some of the most profound changes have occurred in the real estate industry, as children have had to return home after facing job loss. But, it isn’t only our children who are facing these tough decisions.
The pandemic has also caused many to reevaluate how they think of work. For many, remote work is no longer a distant goal, but rather a daily reality. Many families have felt the squeeze as they spend more time together and think about how nice it would be to have just a bit more room away from their loved ones. This is causing families to reconsider what needs their housing must satisfy.
Conclusion
While the factors presented above are all good indications of future trends, the real estate market does have room for every kind of homeowner. So whether you are looking for a bigger place for the whole family or a couple looking to grow, make sure you visit 2% Realty for professional advice and friendly service.