The Economy: Bringing Families Closer Together
Posted by: Carleton Sheets in Tenant, Real Estate, Housing Market, Foreclosure, Economy, Budget on Feb 09, 2009.
Did you read my blog asking where have all the renters gone? Well, it looks like they've been found ... living with family.
According to an article in USA Today, more and more families are moving in together due to the current economy. Those who were foreclosed on or having trouble making ends meet are moving in with family members or friends. And by pooling their resources, they are finding ways to weather this economic storm.
This includes seniors, as well. With tightened budgets, many adult children cannot bear the financial responsibility of assisted living or other arrangements for their parents, and are bringing them into their own homes ... and becoming caregivers themselves.
The article talks about the positives and negatives of these arrangements. One positive is that families will become closer, perhaps even sharing in the responsibilities of child care. In a way, it's a throwback to the time when our parents were children---when it was not unusual to have extended family members living under the same roof.
One negative, of course, is personality conflicts. It's important to set rules when family members move in.
If this trend continues, I wonder if the demand for larger rental homes will increase. What do you think? Landlords or investors, is this happening in your market?
