AdAge this week looked at the “accelerating trend of multigenerational households” and what it might mean for marketing to Baby Boomers, their parents and their adult children. The evolution of multigenerational households already has fundamentally changed the nature of active adult communities (50+ age-qualified). If this trend continues, it will call into question the viability of age qualified communities as we know them today.
But first, some context and a walk down memory lane.
Rising Numbers of Multigenerational Households
As AdAge notes,
Today 49 million Americans — more than one in six people in the U.S. — live in households with three or more generations, according to the Pew Research Center. The percentage is even higher for age groups 25-to-34 and 65 and older, where one in five, or 20%, live in these extended families.
While much of the increase in multigenerational households can be attributed to the recession, there is also an increased appreciation for the value of family. I grew up with my grandmothers living with us for a combined 10 years. I know how much I benefited from their involvement in my life. From playing games … to hearing the same stories again and again … to having people who had the time and desire to focus all their energies on a child … to learning to be patient and help my elders … Growing up in a multigenerational household was a gift.
A Trend Already Impacting Age-Qualified Communities
Creating Results has marketed 52 active adult and age-qualified communities in 12 states over the course of 10+ years. At first the communities were marketed to empty nesters and the vast majority of people who lived in the community were in their 50-70s (Baby Boomers and Silent Generation). Gradually, we began to see parents moving in with their adult children. These moves were prior to the economic downturn and were motivated by a desire to be with family.