Having different generations living in the same home is not a new trend. However, multi-generational living arrangements are increasing and possibly offering new niche opportunities for loan originators.
According to the U.S. Census Bureau, there has been a 30 percent increase in multi-generational households from 2000 to 2010. An estimated 51.4 million Americans (4.4 million households) currently live in homes with more than two generations: grandparents, children, grandchildren and great grandchildren.
Such housing situations are often based on economic reasons—the need for family members to combine resources, save money and so on.
To accommodate these multi-generational living arrangements, many homeowners have added new rooms or separate wings. Builders are also starting to create specially designed housing for expanded families.
How can loan originators take advantage of this housing development? Here are a few suggestions:
*Learn more about it by talking to Realtors, builders and others in your market. Do an Internet search for special builder and other resources.
*Be sure to develop stronger relationships with those strategic partners who have included multi-generational homeownership in their overall plans.
*Hold a workshop that focuses on this trend. Invite first-time purchasers as well as experienced buyers. Offer a panel of speakers: yourself, a Realtor and a builder.
*Mention your interest in serving the multi-generational borrower group on your Website, Face book page and other communications.
This may not become a major niche market for you, but it could provide one more way to expand your future purchase business.