Five reasons why remodeling for multi-generational families, especially in the expensive DC Metro housing market, make sense:
- Two income earners with children can have built-in child care which has huge financial rewards. According to The Washington Post, October 4, 2015 Crunched report, child care in the DC Metro area costs between almost $13K – $31K a YEAR. This money could be used towards a permanent remodel of an existing home.
- Adults 25 – 34 years old are moving back home because rentals in the DC Metro area cost almost $18K a year. With student loans to pay off, this can be impossible to afford even if you have a decent job. Not to mention that this generation is getting married later.
- The Baby Boomer generation is following the Greatest Generation into retirement age. This means that as they age health or ability issues can arise. A 2012 MetLife Mature Market Institute survey put the average annual cost of a private nursing home room at $90,520, a semiprivate at $81,030 and assisted living at $42,600. Those numbers are for ONE year. It makes both financial and peace of mind sense to know older parents are being taken care of properly.
- Another incentive is that families pool their money to have a larger home with different compartments to satisfy their housing needs. In a market like DC where housing is so expensive this can be financially savvy.
- Many cultures have traditionally lived under one roof. It connects the many generations and helps with the workload of domestic responsibilities.