Affordability Drives More Family Members to Buy Together
Affordability Drives More Family Members to Buy Together
More family members are moving in together under one roof, a trend that may help many better compete in the ultra-hot housing market. With record-high home prices still climbing, family members who pool their money may be able to afford a larger, higher-end home.
Multigenerational households have been on the rise since the start of the coronavirus pandemic. “I think [multigenerational households] could be a trend that’s here to stay,” Jessica Lautz, vice president of demographics and behavioral insights at the National Association of REALTORS®, told The New York Times. Families of Asian and Latino descent are the most likely to live with aging parents, Lautz said.
Fifteen percent of home buyers purchased a multigenerational property between April and June 2020, during the first wave of COVID-19 infections in the U.S., according to NAR data. That was the largest share since 2012. The most common reasons for this move were to bring aging parents into the home and to have grandparents help with child care. Respondents also cited greater affordability as a reason for family members to pool their finances for a home purchase.
“There was no way that I could afford the cost of a house on my own,” Erin Wentz-Lesman, 41, a public school teacher in Brooklyn, N.Y., told the Times. In October, Wentz-Lesman and her husband, along with their two children, purchased a home with Wentz-Lesman’s parents, both of whom are 68 and retired. They purchased a five-bedroom home for $1.25 million.
Source:
©National Association of REALTORS®
Reprinted with permission
admin
For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.
Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.
Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.
When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.
For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.
