In 2014, 60.6 million people, or 19% of the U.S. population, lived with multiple generations under the same roof according to the Pew Research Center. In their report, it is mentioned that among Hispanics, 25% lived in multigenerational family households in 2014. Some of these multigenerational family households include those with grandparents and grandchildren living under the same roof.
As we mentioned in a previous blog, the Latinos ages 50+ currently represent 10% (11.1 million) of this age group, and the percentage is expected to grow to 24% by 2060 (some 42 million).
More than half of the Hispanics ages 50+ within the U.S. are foreign born (56%), and they are leading the way by extending a strong cultural influence over their families, keeping their cultural roots alive. Of this group, 67% speak Spanish at home and have a longer life expectancy of 83.5 years.
From 2000 to 2013, the percentage of households headed by Hispanics ages 50 to 69, who earned $75,000 or more, saw an increase of 10.2%. This is to be compared to an increase of 7.6% among younger adult Hispanic heads of households.
If you are looking for a multigenerational home, contact your local real estate professional and find out what is available to you in your marketplace.