Multigenerational living Reminds Strong Trend In Hawaii
Multigenerational living has traditionally been a strong trend in Hawaii. Today, the number of multigenerational households is growing throughout the U.S. The year the recession ended, 17% of the population lived in multi-generational households according to an analysis of census data by Pew Research Center. That number rose to 19% five years later, in 2014.
Pew Research Center defines multigenerational households as households with two or more generations. Hawaii’s high cost of living put the state in the number one spot for the highest percentage of multigenerational households with 11.1%, revealed in a 2009 – 2011 study collected by the American Community Survey (ACS).
The overwhelming effects of the recession were central to the trend’s accelerated growth, but the pervasiveness of multigenerational households today is heavily influenced by immigration, affordable housing shortages and delayed marriage patterns. The influx of new immigrants lives with their relatives and in some cultural traditions even encourage several generations living together. More and more adult children are inviting their elderly parents to live with them, or vice versa, creating a mutual benefit for both child and elder care. In this way, grandparents can deepen their relationships with their grandchildren and take an active role in raising them. Young adults are also moving back home to make paying down student debt easier, along with the rising average age of young-adult marriages and children born to unmarried mothers who still live with their parents for support. Families who plan to live together must discuss the household costs and allocate the bills fairly. This living arrangement may not be suitable for everyone, but with property costs surging in major cities and the rising costs of health care and childcare, it provides more benefits than you think.
Multigenerational households are on the rise and the homebuilding industry is quick in meeting demands of multigenerational living by building bigger spaces for growing families. Whether your extended family is exploring the idea of buying a house together, or if you are looking into building an accessory structure on an existing lot, CU Network Services Home Loan Specialists are there to provide you with the best possible service every step of the way. Call them at 529-4599 or visit their office at 715 S. King Street, Suite 100.