The coronavirus pandemic pushed buyers toward larger and more expensive homes in the suburbs, as they try to accommodate more people under one roof, according to the 2020 Profile of Home Buyers and Sellers, an annual report released Wednesday by the National Association of Realtors.
“Buyers sought housing with more rooms, more square footage and more yard space, as they may have desired a home office or home gym,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR, in comments accompanying the report.
Larger homes can better accommodate adult children, as well as elderly parents, moving in, she said. Before the pandemic, multigenerational home purchases represented about 11% of sales, but that went up to 15% in the months since March.
“Multi-generational homes are absolutely a local trend in Denver, but it’s much harder to find these homes because they are often far outside the average price