When the economy took a downturn, many families moved in together, but according to some in the real estate industry multigenerational living wasn’t entirely a reaction to the economy, it was also a way to set families up for the future.
While some young couples may not qualify on their own for a mortgage, they have the option of adding their funds to the family pool, allowing a larger extended family to invest in a higher priced property. Doing so allows families to look out for one another and invest in the future, according to ERA Real Estate.
In fact, many families are choosing to stay together under one roof. The Pew Research Center estimates that 16 percent of Americans live in multigenerational households, according to a story in AOL Real Estate. And that rate is the highest its been since the 1950s, according to the Pew Research Center.
In Burr Ridge, a local real estate broker has a home that offers luxury living for a multigenerational household. Broker Kimberly Bolte, with ERA Team Feinstein thinks a property being offered for $1,695,000 would be a perfect fit for the family seeking a luxury multigenerational home.
Located at 9525 Pacific Court, the home has more than 10,000 square feet. And, can comfortably accommodate multiple generations of a family, Bolte said. It also has a separate attached two-level in-law residence with its own entrance and garage.
Living in the home would allow family members to have their own space and stay out of each other’s way, since the home has three kitchens, three dining rooms and three family rooms.
With a five-car garage, parking shouldn’t be a problem either.
The home is located in the gated Falling Water community.
Real estate brokers, do you have a distinctive home you'd like featured in one of our columns? Contact Business Editor Mary Ann Lopez at email@example.com.