HOW MANY AMERICANS ARE LIVING
IN MULTIGENERATIONAL HOMES?

via themreport.com — A new Rocket Mortgage analysis shows that in the last five decades, the number of Americans living with multiple generations under one roof has quadrupled, according to the Pew Research Center.

More than 59 million people live in multigenerational households, or homes that include two or more adult generations. Whether it's parents and adult children or a "skipped generation" consisting of grandparents and their grandchildren, these homes offer a unique dynamic that can be both rewarding and challenging.

Most Multigenerational Homes Today Are Made Up Of Parents and Adult Children

When asked about the familial makeup of the people in their home, respondents said parents and adult children were the most common familial roles represented. Those who participated in the survey were able to choose multiple answers, revealing an interesting trend in the data. Adults living in a multigenerational home may identify with multiple familial roles, like adult child and sibling.

While many family members may take on the responsibility of multiple familial roles, everyone plays an important part in living communally. Of those surveyed60.9% identified their primary role as a parent or parental figure, and 35.6% identified as an adult child. Just 3.5% of those surveyed identified their main role as a grandparent or grandparental figure.

On average, multigenerational homes consist of …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Big jump in inventory this week! There are now twenty (20) active listings in the MS/VG market this week; an approximately 40% increase since last week. We are truly in a unique market. More inventory increases in the months ahead? Anything can happen! Pending sales have dipped slightly. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With tight inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

Nineteen (19) of the active listings are priced above $629,000 or above. Six of the active listings are over one million dollars. One is listed at $2,300,000!! Two (2) of the active listings have had a price reduction; none this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Expected interest rates increases in the future can mean fewer buyers. We anticipate more inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 64 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. One (1) is priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; four (4) are between $700,000-$800,000; four (4) are between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; five (5) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of June 23, 2023 through June 30, 2023, there were reported 5 new listings, 2 closed sales, 1 pending sale, 3 actives with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 0 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, June 30, 2023. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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