It used to be common practice to live with your entire family. Grandparents, parents, children, and their children all would live within the same property. Said property would be passed down, enabling children to have a solid family home with family at the core. It was only during the rise of the middle class after WW2 that this began to shift, with more people being able to afford their own homes.
High prices and a lack of stability has meant more and more people are returning to the multi-generational household model, with an average of 1 in 3 homes being multi-generational. There are many reasons for this, including:
- Providing support for older family members
- Lack of retirement homes for older family members
- Help with childcare
- Rising housing costs
It is, in short, more affordable, and economical for adult children to live with their parents. This isn’t just for the sake of the child, either, as many are either moving their parents into their home or moving into their childhood home to provide essential caring roles as their parents age.
Retirement living in the UK is very expensive, and many don’t see the value in the costs associated with this. There have been stories of retirees finding it more economical to go on cruises for the entirety of their retirement instead of going to a retirement home. Not only that, but retirement-tourism is on the rise, with some countries even offering visas to retired persons so that they can stay in retirement property that offers far more in terms of activities and levels of care. The Philippines, for example, offer a Special Resident Retiree’s Visa (SRRV).
On the other side of things is the fact that housing costs are on the rise, making it difficult for Millennials, much less Generation Z, to afford a property on their own without extra support from their parents. Shareholds and first-buyer schemes are helping, but high rent rates can make it very difficult for the younger generation to save enough for the deposit on their own.
Enter multi-generational living. By holding onto the family home and even upgrading it with Touchstone Lofts to create a loft conversion East London to make space for a whole new bedroom, families are finding new options by living from home. It costs less, there is far more stability, and there is a reduced risk of loneliness that many in the western world experience (especially when living independently). This is particularly true in London homes, where moving elsewhere in the city can be very expensive, but a loft conversion company can transform an existing property into exactly what a multi-generational household needs to stay in their area of London.
Multi-generational living is likely going to increase, especially as families are getting increasingly smaller, with many couples choosing either not to have a child of their own at all or only having one child. This makes it far more feasible for grandparents, children, and grandchildren to live in one household.
