Are multigenerational homes the wave of El Paso Housing Market
My business partner recently discussed purchasing a home that was much larger and pricier then any other home he had ever mentioned before. This intrigued me as he does not like to spend money and will often go out of his way to save a few cents let alone a few dollars. So I asked him why this house and he simply replied I can move my in laws in too. This brought back article I had read in InMan.com about 2 months back about the increasing number of multigenerational homes.
Personally the thought of moving in with any of my family other then my wife or children gives me anxiety just thinking about it but this is increasing not the case for many home buyers. In fact it is almost the opposite now many families actually feel security in having the opportunity of a multigenerational home. Costs go down and availability of things like child care and even as simple as who is going make dinner daily is no longer a worry on the plate of the occupants.
Now El Paso based on its large Hispanic population has always had a larger portion of multigenerational homes. This is a very common practice in Mexico as is in many European countries. With the coming of age of the helicopter parent child now I believe we will start to see this trend pop up much more.Parents have gotten used to knowing every intimate detail about their kids and now they want to take that next step and make sure they are successful homeowners. Is this a bad thing no it is just the changing of the guard in many respects.
More is Less
Another reason to believe that this will become more common place comes back to my business partner. He makes good money and can afford and above average home but when he adds the income and resource of his retired in laws now he can look above his normal price bracket and find something he truely wants rather then really likes. This is want I mean by more is less with the advent and popularity of multigenerational is that now you can buy that huge house you have always wanted because now it will effectively cost you less. Interesting concept right especially for El Paso. El Paso is notorious for not having super high paying jobs and this means that a person can buy a home but because there is no real growth patterns for their income they may not be able to buy that dream home.
Now they have that option to go bigger and better even if it does mean now they have to revert to their mom or even Grandma reminding them that their curfew is at 10 and that they better pick up this dirty underwear on the bathroom floor. ?
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