Home trends, like any other trend, seem to come and go, but there’s one particular home trend that’s currently in high demand. The mother-in-law suite is a highly desirable feature for many homebuyers right now, and for good reason.
The first reason has to do with an aging population. Some estimates suggest by 2030 alone, one in five Americans will be at least 65. Baby boomers are all about to reach retirement age, and that means more and more families trying to make the best decision for their loved ones when it comes to housing.
We’re also seeing more and more extended families choosing to live under one roof. This is happening in many of the nation’s largest cities. A mother-in-law suite helps give some solutions to multi-generational household needs.
The second reason has to do with cost. It may simply be more affordable to create space in your own home for your parents or grandparents to live, then for them to pay for another home or to live in a retirement home. Some people also use mother-in-law suites for their children who may be employed but are not yet financially stable enough to live on their own or put a down payment on their own home.
While a mother-in-law suite isn’t exactly cheap, it could potentially be a less expensive alternative for some families. In many places, the median home price is up considerably right now, which is pricing some people out of the market.
The current housing market, itself, is also credited with increasing demand for mother-in-law suites. Some places are seeing a shortage of affordable housing options. This is important because older adults often rely on limited income sources, such as retirement benefits to pay for housing.
Supply and demand certainly plays a part. In many situations, demand for homes is up, but the supply of homes is down, meaning there aren’t enough homes currently for sale to meet the needs of prospective buyers.
The demand for mother-in-law suites may also be tied to homeowners looking for a bit more flexibility. A lot of people are still working from home, which creates the need for office space. Some people are choosing to add these types of suites onto their homes not only as a place for relatives and guests to stay, but also simply to create some flexibility in order to use the space secondly as a home office, a fitness room or even as some multi-purpose space.
Continue reading more about homes with an in-law suite in Sarasota and beyond.