Studies by the Australian Housing and Urban Research Institute found financial circumstances are an overriding factor in the formation of multi-generational households – and are even more dominant than cultural reasons. 

The benefits of a multi-generational household are obvious: companionship, ease in providing care, upholding cultural traditions, practicality and convenience, and inter-generational solidarity. As were the downsides: noise, financial constraints, inadequate space for privacy, and the impact on relationships with other family members.

Calls for tax breaks

At a time when one would normally expect baby boomers to be downsizing at this stage of their lives, many are trading up – for the sake of family. Calls have even been made to give tax breaks to families where there are three generations living under one roof.

In the UK, for example, the number of homes where two or more generations live under the same roof has soared by more than half in a decade. The Office for National Statistics reports around 419,000 British households live this way – with an increasing number of elderly parents sharing a home with their children and grandchildren.

A lighter side to the trend

The changing demographic of households has spawned nicknames such as the Sandwich Generation, Boomerang Kids and the SKI Generation (Spending the Kids’ Inheritance).

Younger members of the baby boomers are sometimes referred to as “the Sandwich Generation” because they have children still living at home in addition to elderly parents. 

Second, Australia and New Zealand have had a wave of so-called “boomerang kids” moving back in with their parents because of the rising cost of living and out-of-reach property prices.

In the bigger picture, social researcher Mark McCrindle said 2020 loomed as a landmark year in Australia. 

“In 2020, the median age was almost 40 … in 1980, it was just 29. There were more 65-year-olds than one-year-olds. There were as many people aged 60-70 as those aged 10-20. By 2020, the population pyramid was inverted. There were more people aged 50 (338,081) than any other age, reflecting the baby boom and migration boom of those born in 1970-71. In 2020, life expectancy at birth exceeded 84 years, and more than one in five people was aged over 60.” 

These predictions have proved salient. By then, many baby boomers have retired and Generation Y dominate the workforce (42 per cent). The average job tenure will be three years and more than one in three workers is employed on a casual basis.  

Thanks for reading.
  Wishing you a successful day.
Home values in our market have gone up 14.6% over the last 12 months. See what the rise has done to your home value today!
Want to know what’s happening in the market in real time? Ask Matt to explain the real time data available in the monthly publication of the Ray White NOW book.
We can also provide you with our publication Competition Creators, which outlines the auction process and the results of weekly auctions. Chat, txt or DM  Matt today 0274 951 536 for copies of either publication.
  • If you have a question on the local Real Estate market
  • Should you spend money on a Reno of your home before you sell
  • How to contact a Mortgage Broker
Just call Matt Wineera on 0274 951 536 who is always on hand to answer your query. His advice is given freely and without obligation.
Work with Matt Wineera who lists and sells homes in the TaurangaMount Maunganui and Papamoa areas.
Check out what clients have to say about Matt
Matt continually achieves great results for Home Owners through his negotiation skills and vast real estate experience, knowledge and expertise.
Matt is very passionate about real estate and loves being at the coal face.
You can also check out, follow & like Matt’s Instagram posts and Facebook page
Give Matt a call now 0274 951 536