Housing stock needs to be overhauled for the post pandemic market

Housing stock needs to be overhauled for the post pandemic market
The sudden occurrence of COVID-19 pandemic brought a change in each and every aspect of peoples’ lives; housing decisions and needs are no exception. The demand for multigenerational houses which rose up to 15% among the buyers happened after the start of pandemic. The main reason behind this rise in such demand is the need for taking care of aging family members. Another factor which can contribute in rise in demand for multigenerational homes is their cost effectiveness.

The life risk COVID-19 infection poses to the elderly has buyers looking for homes capable of accommodating aging family members. More than 100,000 elderly nursing home residents lost their lives after getting infected by COVID-19. This alarming figure has made people with old family members even more concerned. The biggest advantage with multigenerational houses is their ability to accommodate old as well as young individuals. As a result they can meet the housing needs of wide spectrum of people.

An increase in the number of individuals aged between 25- to 29-year-old staying with their parents has led to 20% of the U.S. population choose living in multigenerational homes. Another factor contributing to this uptick is preference of certain demographics towards living in a multigenerational house. The families having kids and millennials show a similar inclination towards having multigenerational house.

The current situation demands more variety in housing sector. Just multigenerational houses won’t suffice. The problem is that most of the houses cater to single-family housing only and that fails at meeting the new demand. Post pandemic, people like roommates and unwed couples are looking for buying homes together. In urban areas they may have been renting houses together, but now they want to transition to house ownership in suburban areas. The answer to this rising demand is middle-housing. If the market can cater to this, the demands can be fulfilled, making the capital flow even better. Other homes like accessory dwelling units, two-flats and triplexes will be of a great help in fulfilling current housing needs. More options to choose from will mean better chances of demand fulfilment which in turn will enable better rates of sales. If we are to believe the experts, the impact on housing needs caused by this pandemic won’t be a short lived one. We must equip ourselves with a long-term plan to better our prospects and narrow the gap between supply and demand. In essence, the housing stock needs to be overhauled for the post pandemic market. Narrower the gap between demand and supply, smoother the business of any sector will sale. So, the housing stock needs to be overhauled for the post pandemic market.