The Rise of Multi-Generational Living in Colorado: Trends and Implications for Real Estate
Multi-generational living is becoming an increasingly common lifestyle choice across the United States, and Colorado is no exception. With its blend of urban and suburban lifestyles, picturesque landscapes, and thriving economy, the Centennial State has seen a significant rise in multi-generational households.
Multi-Generational Living is on the Rise
Several factors contribute to the growing popularity of multi-generational living:
- Economic Considerations
Rising home prices and higher living costs have encouraged families to pool resources. In Colorado, where the median home price exceeded $560,000 in 2023, sharing a home can ease financial burdens, from shared mortgage payments to utility costs. - Cultural Preferences
Many cultures value close family ties, often including grandparents or extended relatives in the household. Colorado’s diverse population reflects this trend, with families seeking homes that accommodate these dynamics. - Aging Population
Colorado’s senior population is projected to grow by nearly 40% by 2030, and the increasing costs of senior care have driven more families to care for elderly relatives at home. - Pandemic Effects
The COVID-19 pandemic underscored the importance of family support systems. Families found comfort and practicality in living together during uncertain times.
Trends in Real Estate for Multi-Generational Living
The rise in multi-generational households has influenced how homes are designed, marketed, and sold in Colorado, including some in the Chanin Development portfolio:
- Larger Homes: Properties with five or more bedrooms, finished basements, or additional living spaces are in high demand.
- Dual Master Suites: Homes featuring multiple master bedrooms offer privacy and comfort for different generations.
- Accessory Dwelling Units (ADUs): ADUs—like mother-in-law suites or detached cottages—have gained popularity in municipalities allowing flexible zoning. Chanin Development’s Goss Circle custom home is a prime example. For further reading on ADU regulations specifically in Colorado, check out the blog post, “ADUs in Colorado: New Legislation, Benefits, and What Homeowners Need to Know” by Michael Thompson at autonomous.ai.
- Flexible Floor Plans: Open layouts and adaptable spaces cater to varying family needs, from home offices to play areas.
Challenges for Homebuyers and Sellers
- Affordability: While multi-generational living can reduce costs for families, finding homes that meet these requirements can still strain budgets.
- Zoning Restrictions: Local regulations around ADUs and large renovations can limit options for families looking to modify homes. In COLORADO, ADU restrictions vary – from state to county to city regulations. For example, the City of Boulder has it’s own ADU regulations overseen by the Planning and Services Dept.
Implications for Real Estate Professionals
- Education and Awareness: Agents should understand the unique needs of multi-generational buyers, highlighting homes with suitable layouts or potential for ADU additions.
- Marketing Strategies: Listings that emphasize multi-generational-friendly features, such as private entrances or ample communal spaces, are more likely to attract interest.
- Advocacy for Zoning Changes: Real estate professionals can work with local governments to push for zoning laws that accommodate the demand for flexible housing options.
Looking Ahead
The rise of multi-generational living reflects broader societal trends, from economic realities to cultural values. According to the Pew Research Center, 18% of the U.S. population lived in multi-generational households in 2021—a number expected to rise in the coming years.
As this lifestyle grows more prevalent, Colorado’s real estate market will continue to adapt, offering both challenges and opportunities for families and professionals alike.
Take the Next Step
Are you considering building a multi-generational home? Contact Chanin Development and browse our portfolio to explore the many options. Let us help you design the perfect home for every generation under one roof.