Several generations of Australian families are increasingly living under the same roof together. Social demographer Mark McCrindle says the lifestyle choice is based on several factors.
“Younger generations either leave later or move back to their parent’s house,” he says. “Then on the parents ‘ side, they live longer and the older parents sometimes move in with the middle-aged kids, forming the three or, in some situations, four generations under the one roof.”
“And it’s not because of an increasing birthrate, because that’s declined a little bit over the last few years, it’s because of the increasing number of people per household. Younger generations are either leaving home later or returning to the parental home,” he said.
Owing to affordability constraints, the trend of generations Y and Z living with the family for longer periods now involves Baby Boomers, who share their household expenses with their adult children not only to save money but to sustain their lifestyle. One out of five Australians now live in a multigenerational household so property advisors and real estate agents take note.
McCrindle says less than 10 percent of Australians are now moving to retirement homes from their home. Getting many generations to split the home’s running costs provides a mutually beneficial situation because each party pays less than they would if they leased their own, he says.