A multigenerational home is desirable to some buyers, but not to all. According to What Home Buyers Want, 2021 Edition*, buyers are evenly divided when it comes to the desire for a home designed to house the buyer as well as a younger generation and an older generation: 39% would prefer such a home, but 39% would be against it. The remaining 23% are not sure how they feel about a home designed for three generations.
One of the factors most likely to influence a buyer’s preference for a multigenerational home is race/ethnicity. Among Hispanic buyers, for example, 53% are in favor of buying such a home, compared to 27% who would oppose it. Among African-American and Asian buyers, 50% and 46%, respectively, would prefer a multigenerational home, significantly higher shares than the 30% and 29% who would be against the idea, respectively.
In contrast, among Caucasian buyers, only 35% of buyers would prefer a home designed for multiple generations, compared to a larger 42% who would not prefer that option.
* What Home Buyers Really Want, 2021 Edition sheds light on the housing preferences of the typical home buyer, but also on how those preferences change over time, and how they may vary based on demographic factors such as age, income, and geography. The study is based on a comprehensive, nationwide survey of 3,247 recent and prospective home buyers conducted in the summer of 2020. For a complete article summarizing the most important findings, please click here. Previous blog posts on this topic can be found here.