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The American family is changing as multigenerational homebuying rises


MoMo Productions/Getty Images
The uptick was driven by cost savings aging parents moving in with their adult children.
The coronavirus recession is causing a repeat of the rise in coliving in the Great Recession.
American households are becoming one big family.
From April to June, 15% of homebuyers bought multigenerational homes, a new report by the National Association of Realtors said. That was the highest multigenerational-homebuying rate since NAR began tracking the metric nine years ago, in 2012, following the Great
Recession
, when many families combined households.
In 2012, 14% of homebuyers bought multigenerational homes, dipping to 11% a few years later. The percentage is at its record high of 15% as a consequence of the pandemic, NAR s report said. ....

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Why Home Equity Matters


KXLY
Posted:
Updated:
February 10, 2021 7:31 AM
Home equity the current value of your home minus your mortgage balance matters because it helps you build wealth. When you have equity in your home, it’s a resource you can borrow against to improve your property or pay down other high-interest debts. However, it’s also volatile because home values are always changing, sometimes dramatically. To get a home equity loan, you’ll need a stable income and good credit.
Home equity is a large component of many people’s household wealth. That’s especially true for Black and Hispanic households, who “have seen outsized gains in housing wealth over the past decade,” according to the Federal Reserve. ....

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