Multi-generation households on the rise
As the current economy continues on its path and living costs increase, more and more families are making the choice to house multiple generations under one roof to improve living conditions.
According to the U.S. Census Bureau, an estimated 4.4 million U.S. homes held three generations or more under one roof in 2010, reports CNN.com. That is a 15 percent increase from 3.8 million households just two years earlier in 2008.
The median price paid for all condos and new and resale houses for sale in Denver during January 2011 were $205,000, according to San Diego-based housing reporting firm DataQuick. That breaks down to $133 paid per square foot for a resale single-family detached home.
Homebuyers seeking to reduce financial burden or care for aging parents may wish to consider purchasing a house designed for multi-generations. Not only does it reduce similar housing costs within the family, but can reduce child care costs, increase available cash flow, increase time spent with aging parents and provide additional emotional and financial support.