Nowadays, there are many adult children with live-in parents.
American seniors are living longer than ever before. They are in better health and possess more resources than at any time in history. The most recent Survey of Consumer Finances released by the Federal Reserve shows that Americans ages 75 and up have a median net worth of $254,800. The average, which skews higher thanks to high net worth households, is $977,600.
This group certainly don’t see themselves as “old”. They probably never will.
Instead, they try to remain active, smart, and productive, long after traditional retirement. In fact, the number of Centarians (age 100+) has doubled in the last few years. And, some of them are still working!
The number of middle-aged adults who are choosing to allow their elderly parents to move in with them and their families is increasing rapidly. Health issues, dollars, child care and convenience are playing a role in this change. It is becoming more and more common for Seniors to move in with their adult children and their families.
This was especially true during COVID. Because of COVID-19, some families decided to move parents in with them. This is because of the restrictions that senior living communities had placed on visits. Or, if a parent was in a nursing home, recent revelations about poor care and infection control are prompting families to consider care at home.
Many marketers are interested in reaching adult children with live-in parents. These multi-generational households offer advertisers a unique new market.
Many adult children are adapting their homes to make it more comfortable for their senior parents. Some are undertaking construction projects to offer them a sense of independent living while still living on-site. According to the Washington Post, home builders across the country are reporting an increasing number of requests for home additions that are being called “mother-in-law suites” or “granny flats.” In fact, 62 percent of workers surveyed by the National Association of Home Builders said they were working on a home modification related to aging.
Motivated Buyers for Many Products and Services
In addition to these construction projects, other home industry related products/services are experiencing interest from adult children with live-in parents. These include:
- Walk-in bathtubs
- Smart home products
- Remodeled bathrooms
- Water and/or air purification
In addition to the Home Improvement industry, other industries are flourishing by reaching out Adult Children with live-in parents. These include:
- Financial Planning
- Financial Services
- Final Expense
- Pre-Need planning
- Concierge medicine
- Nursing / home health care
- Religious institutions
- Mental health services
This trend is not going away. According to statistics, this number is expected to increase. This make adult children with live-in parents a solid cohort for marketers to make the most of.