Dive Brief:
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Miami-based homebuilder Lennar will open its Eagles Summit community in Oro Valley, AZ, on Saturday. It is located within the 7,600-acre master-planned Rancho Vistoso development.
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Arizona is one of 13 U.S. states in which the company offers its NextGen floorplan for multigenerational households. The single-family detached houses range from 2,594 square feet to 3,173 square feet, and they are priced from the $379,990s.
- At Eagles Summit, Lennar will be introducing a new floorplan to the series, featuring three bedrooms and a den in a centralized, open layout with an additional private suite that has a separate entrance.
Dive Insight:
The idea of multiple generations living together under a single roof isn’t new, but the country’s biggest builders have only recently turned their attention to this segment of the housing market. As of 2014, one in five U.S. residents — 60.6 million people — lived in multigenerational households, according to the Pew Research Center. That’s up from a low of 12% in 1980 and is nearing postwar heights.
Multigenerational households contain at least two adult generations or grandparents, Pew explains. Asian households had the highest percentage living in multigenerational situations in 2014 (28%), followed by black and Hispanic households at 25% each. White households had the lowest percentage in multigenerational housing (15%).
Today, young adults are more likely than older ones to live with other generations, in particular millennials ages 18 to 34 who lived with their parents in the greatest numbers in more than a century in 2014, according to Pew. This group is now transitioning into the homebuying market, with a survey this week from Realtor.com reporting that older millennials ages 25 to 34 accounted for one-third of homebuyers in September.
But with the population of individuals ages 75 to 84 years old expected to reach 30.1 million by 2040, compared to 13.1 million in 2010, multigenerational living situations will likely be a popular housing method for individuals looking for a safe and affordable place to live.
In addition to walkable neighborhoods with mixed-used facilities and access to public transportation, homebuyers are also seeking accommodations that can meet the needs of multigenerational families, according to a recent design trends report from the American Institute of Architects.