RESIDENTIAL
While not a new concept , thanks to the country ’ s diverse mix of cultural traditions , it ’ s becoming increasingly commonplace in recent times .
Statistics SA estimated in 2022 that 32 % of South African households were multigenerational , a percentage that has only grown during the extended interest rate hiking cycle .
ooba Home Loans data shows that the average age of a firsttime homebuyer is 35 - an age where many people are well into their careers and have started families of their own but are still struggling to get their foot on the property ladder .
Looking to global trends , we see that multi-generational living is not unique to South Africa . In the US , the Pew Research Centre reported that a quarter of all American adults aged 25 to 35 reside in a multi-generational home , with many never having left their family home after turning 18 .
Shifting Dynamics : A New Era for Multi-Generational Living Emerges Not always linked to affordability , generational living is also linked to convenience factors . There is a strong case to be made for young families with small children , closeknit families and families looking after elderly family members seeking solace in the form of multi-generational living .
For some homeowners , having additional family members move
52 JUNE 2024 Real Estate Investor Magazine