More parents move in with their kids NEW YORK – Nov. 25, 2014 – More Baby Boomers are doubling up on living accommodations with their own aging parents. The trend is expected to hold even as the economy improves, as people are living longer and requiring more care late in life. A recent American Institute of Architects study determined that dedicated guest rooms, including in-law suites, have been gaining in popularity over the last few years. This year, 39 percent of respondents in a group of more than 500 residential architecture firms said they were seeing more demand for this feature versus 26 percent that said the same in 2013 and 10 percent the year before. Also growing in popularity are age-in-place features and home designs that accommodate multiple generations. AIA chief economist Kermit Baker states, As many households become caretakers for aging relatives, separate living suites have become popular options for accommodations. A separate Trulia analysis determined that there has been an increase in the share of seniors living with relatives over the last two decades mainly because of two factors: one, more seniors today are foreign born; and, two, the average age of seniors has increased. Trulia Chief Economist Jed Kolko notes that there are more 80-somethings alive than ever before. He concludes, This is not a story about the housing bust. The increase of seniors living with relatives is a long-term demographic shift. Source: MarketWatch (11/18/14) Hoak, Amy
Posted on: Wed, 26 Nov 2014 14:31:46 +0000