Finances prompt more Americans to live together
June 6, 2011
The economic downturn took a toll on many American households. Consequently, people are trying to recover – and cut expenses – by living together for longer. The number of multi-generational homes is rising steadily, a trend granted even more momentum due to the aging baby boomer population.
Michael Litchfield, author of In-Laws, Outlaws and Granny Flats, touched on this subject with The Record, explaining how housing in the United States will transform over the coming years.
He told the publication that he believes, as boomers grow older, second units will be added to many houses so that Grandma and Grandpa can live comfortably beside the family.
Those who are planning for an older adult to live with them may also want to consider additional safety measures. Installing a personal emergency response system helps ensure that residents can immediately send a medical alert to a call center if they require assistance.
"The baby boomers are going to want to age in place and they're going to need health care," he said. "I think the AARP said it's about a third of the cost to care for someone at home or in a community-based setting, as opposed to an institutionalized setting."