2 minute readThe demographic cohort whose coming-of-age devil-may-care self-preoccupation earned it the 1960s sobriquet the Me Generation is wheeling and dealing its way into a full tipping-point 180 as a next generational chapter.
They personified the generation gap. Now, they’re all about bridging those grand-parent, parent, grandchildren gaps, turning to family-connection tactics their own parents – of the Silent or Greatest Generation – and their grandparents who endured raising families during The Great Depression – employed during simpler times.
Financial, health, cultural, and a more-fuzzy array of motivators – emotional balance, well-being, legacy, etc. – figure into a litany of reasons Baby Boom generation members have emerged as a swelling stream into an already trending trajectory of multigenerational household formations in a dynamic, pandemic era reset of household compositions, geographies, and community development strategies and tactics.
Pre-pandemic there was an even split between buyers who purchased a multi-generational home for aging parents and for adult children boomeranging back or never leaving. Now the top reason to purchase a multi-generational home is for aging parents to move into the home. The data does not indicate where they are coming from, but a mix of assisted living, nursing homes, and living independently is probably the case. This is likely for caregiving for the older relative, but also caregiving for children who are now at home, with closed childcare facilities and limited in-person schooling. There is some data from consumers to support the fact that this living situation is a permanent change. While the concern of COVID-19, loneliness, or childcare needs may have driven the change, the new paradigm may be here to stay. According to the American Health Care Association and the National Center for Assisted Living, 55% of nursing homes are losing money and 72% may not be able to stay open in the coming year.
So, 60 years or so ago, it was all about me. Now, well after a touch of grey and a spasm of arthritis, it’s becoming more about we. And, you heard it here first, we have no plans of going anywhere soon if we have anything to say about it.
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