Aging in place and the ADU
A Multigenerational Housing Option For California Families
The trend of the multigenerational household has increased over the last two decades, with more than 1 in 5 Americans living in homes with adult children or aging parents. With the California housing market tightening, growing families are considering better ways for aging in place. The Accessory Dwelling Unit, or ADU, is quickly becomingan affordable option compared to live-in care facilities or nursing homes. Here are some things to consider when deciding whether or not an ADU is right for you and your family.
The cost of building an ADU to ADA accessible standards is often less expensive than the annual costs of many nursing home facilities, which, in California, can average over $100,000 annually.
By comparison, the cost of building an ADU can come in well below this, especially when constructing a junior ADU or converting a part of your home, even when including the cost of a paid caregiver.. And if you own your property outright and are eligible for a loan to pay for the cost of construction, the monthly cost for the structure will likely be significantly lower than most nursing homes, leaving families with resources to cover the costs of care assistants and medical bills. And to boot, converting some space into an ADU will likely vastly increase your properties equity value, and provide extra income should you decide to rent it out and some point in the future.
As more families are choosing to stay together, many are finding that a little extra space provides privacy and independence for aging parents and adult children. While the granny-flat won’t solve every problem, it can provide an affordable option for families needing extra space for aging parents, for a live-in caregiver, or adult children. For children of aging parents, it may be easier to have a parent live in their own ADU rather than in the home.
Separate living space helps ease tensions and allows a parent to maintain a sense of independence. But these aren’t the only benefits to keeping family members close to home. Studies show that both children and grandparents benefit from the increased connection with improved school performance and extended lifespans.
Whether you are considering building an ADU for yourself, your children, or your parents, the ADU provides a viable alternative to the traditional nursing home or retirement community. It can allow for seniors to continue residing in the homes they raised their own families in, helps by providing an affordable option for people who need additional support, and provides a way for people to continue living independently in their own homes as they age. Find out now if your property is suitable for an ADU by utilizing our free property report! It's non-committal. Just enter your address in the search bar to see what you may be eligible for. This information is not shared with other parties. Happy building :)