Howard Perlman helped Lennar identify a growing need - multigenerational housing. Last year at the HIVE conference, Perlman was awarded top honors with a HIVE 100 recognition for his forward thinking in this area. And now, Ivy Zelman, former HIVE dean and president of Zelman & Associates, digs deeper into this trend.
What's in store for multigenerational households, and how will their formation impact household formation, particularly as 55+ adults elect or are compelled for economic or health reasons to move in with their younger children?
This is a question Ivy Zelman and her team of researchers and analysts at Zelman & Associates take on in the latest deployment of The Z Report, a twice-monthly compendium of smart, medium dives into events, developments, forces, and trends that impact the housing business.
The Z Report's "Reversing Roles--MultiGenerational Households Where Parents Live With Children," looks under the skin-deep assumption that a new wave of demand for multigenerational new-home products and communities may be in the making. The analysis notes:
"In 1990, 2.7% of 50-plus year olds lived in their child's home, ranging from 1.2% for 50-59 year olds to 8.2% for 80-plus year olds. Fast forwarding to 2010, those figures stood at 3.6%, 1.8% and 8.7% respectively, and further moderate increases have been evident thus far in the current decade."
Still, what real estate players need to act on is how even "modest" evidence of a new population pattern may offer opportunity, or rather represent disproportionate risk to one's current business model, in its pre-tipping point stage.
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