BLOOMFIELD HILLS, Mich., Oct. 17, 2012 /PRNewswire/ -- A new PulteGroup Home Index (PGHI) survey by national homebuilder PulteGroup, Inc., (NYSE: PHM) shows that twice as many households as today will experience their adult children or aging parents moving in at some point in the future.
PulteGroup recently surveyed two demographics: those with children aged 16-30 and those with living parents. Among respondents with grown children, 14 percent already have "boomerang kid" roommates (a young adult who moves back into their parent's home after a period of independence), but a full 31 percent expect that at least one child will be returning to their home in the future. Among those with living parents, 15 percent of the survey respondents already have aging parents living with them, but more than twice that number, 32 percent, expect to eventually share their home with a parent.
PulteGroup's Del Webb, Pulte Homes and Centex communities have seen an increase in multi-generational households during the past several years, and the company's research shows that this trend is expected to grow significantly. While financial reasons are a common cause for this trend, the company found that a high number of households had parents move back in as a deliberate choice to enhance familial relationships and build a better bond among the generations.
Making Room for More Family Members
Because a growing number of homeowners are expecting to accommodate a larger family in the future, those surveyed said they plan to adjust their living space by either renovating their existing home or purchasing a new home.
- 72 percent of those with aging parents currently living with them or planning on it in the future will renovate or purchase a new home
- 49 percent of homeowners with adult children currently or planning to move back in will renovate or purchase a new home
"Adjusting to more family members in your home can be a challenge," said Scott Thomas, national director of product development for PulteGroup. "Offering flexibility is key, as well as options such as dual master suites to larger great rooms, it's important that homebuilders understand how to best meet the demand of multi-generational households."
The survey also revealed that separate living space for extended family is very important to women compared to men (62 percent and 46 percent, respectively). Respondents noted that the most important features to comfortably support an extended family include separate living spaces, such as a mother-in-law suite, additional bathrooms and larger great rooms.
We're one big family: The good and the bad
Nearly half of survey respondents stated that family bonding is the best reason for living with extended family (46 percent for having children living at home again and 48 percent for having parents move in).
However, not surprising is that besides dealing with cramped personal space, the worst part of living with extended family is more arguments and bickering, says 40 percent of respondents with parents moving in and 31 percent of those who anticipate adult children moving back home.
What's not a big deal when supporting an extended family are finances. Only one in five parents of adult children moving home view the added expense negatively. The same is true for having aging parents move in – only 13 percent of homeowners think it is a negative.
About the Survey
The PulteGroup Home Index (PGHI) survey polled U.S. adult homeowners to identify multi-generation home trends and preferences. The survey was conducted online by Russell Research from September 7 - 10, 2012 among 511 homeowners across the U.S., ages 35 and older, with children between the ages of 16 – 30. Additionally, the survey was conducted among 550 U.S. homeowners, ages 18 – 65, with living parents. At a 95 percent confidence level, a margin of sample error of +/- 4.3% applies to the sample. Figures for gender, age, and geography were weighted where necessary to match their actual proportions in the population.
PulteGroup, Inc. (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America's largest homebuilding companies with operations in approximately 60 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes and Del Webb, the company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and new homes designed for the way people actually live today. As the most awarded homebuilder in customer satisfaction, PulteGroup brands have consistently ranked among top homebuilders in third-party customer satisfaction studies.
SOURCE PulteGroup, Inc.