Did you know that three-generation households in the United States are becoming more common? Compared to one generation ago, there are now nearly 10% of children living with parents and grandparents, compared to 20 years prior. Demography (a popular statistics journal) compiled and analyzed data from surveys conducted by the Census Bureau: the Survey of Income and Program Participation and the American Community Survey.
While many of us would assume that the recession of 2008 led to economic hardships that drove families together, the data suggests that the rate of three-generation households had climbed to 8% even prior to that detrimental event.
While the noteworthy trend (and now modern historical milestone) is bound to incite future study, potential reasons are:
| The stability of Social Security income over the last 20 years has enabled more grandparents to aid their children & grandchildren
| There are more single-parent families and multi-generational living provides more consistent support
| Increased longevity amidst our growing aging population
| Changes in housing markets & affordability over time
| Health & care needs
The implications for financial planning, caregiver support, familial stress, multi-generational living housing types and overall happiness are diverse, far-reaching and worthy of more study. But what really matters is how this situation would work for you and your loved ones. If you haven’t thought about it yet… there may be no better time than the present! Whether you believe that ‘many hands make light work’ or that ‘solitude is bliss’ ~ let me know if you need assistance devising a solution that creates an advantage for every generation in your family.
All my best,
Resource Used: (AARP) More Families Live in Multigenerational Homes
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/