The Future of Sharing Your Southern Maryland Home?

Kimberly Bean
Kimberly Bean
Published on May 10, 2016

It’s a growing trend that Southern Maryland property developers, home builders, and mortgage lenders are working hard to adapt to: Shared properties that accommodate several generations of a family or that have shared rental units.

The statistics show that more U.S. families share a home. The reasons vary, from cultural and economic reasons to needing to care for family members.

In 2013, a Fannie Mae study showed that 21 percent of all households in the United States are families where multiple generations share a home. The lowest year on record for homes shared by multiple generations of families in the United States was back in 1980.

Two homes in a single property

The statistics show a growing trend that those in the property industry are going to have to adapt to. John Burns Real Estate Consulting conducted a survey on the growing trend of shared homes. The results show that 42 percent of potential home buyers plan to accommodate for their adult children; and 44 percent would like their property to be able to accommodate their elderly parents/family members.

To respond to the trend, developers and home builders are creating and adapting properties so they can accommodate several generations. What’s becoming increasingly important to these families? Separate entrances, bedroom suites with private kitchen and living areas, and separated outdoor areas. These are designed to offer a home that can house several generations of a family while still offering privacy and separation for everyone.

At the National Association of Home Builders’ International Builders’ (NAHB) Show in Las Vegas earlier this year, builders showcased the latest homes that respond to this trend. The homes have been designed to accommodate today’s multi-generational families or to allow homeowners to earn extra income from rental areas in their homes. A few examples:

Element Design Build showed a 5,000 square foot concept property that included a separate unit on the second floor of the property. It is designed to accommodate adult children or elderly parents/grandparents.

A TRI Pointe company, Pardee Homes, showcased a property that featured two guest suites, each with separate entrances and self-contained kitchens. These could be rented long-term to tenants or short-term via home-sharing websites.

In fact, a survey conducted by TRI Pointe discovered that more than 1 in 3 (35 percent) of young adults would like the opportunity to rent out areas of their home, at least intermittently. According to Linda Mamet, the vice president of corporate marketing at TRI Pointe, the financial benefit of renting out part of their home made the prospect of buying a home a more affordable proposition.


The new home-sharing trend doesn’t do away with the mortgage that most potential homeowners will need.

After analyzing the data of loan performance and household demographics, Fannie Mae noted that the makeup of American households is changing and asked whether the rules governing mortgage lending should be adjusted.

As a result of this research, the HomeReady mortgage was introduced in early 2016. This mortgage lets lenders consider the extra income from renting or boarding when it considers whether an applicant qualifies. The HomeReady mortgage also allows potential buyers to put down a minimum of 3 percent, and it eliminates the top barrier and credit score that is often cited by young buyers as a hindrance.

Jonathan Lawless, vice president of capital marketing, underwriting, and pricing at Fannie Mae, says that the HomeReady mortgage breaks from tradition by offering a groundbreaking new element to a mortgage and supporting those who wish to have an extended household.

Moving forward by adapting to the needs of the market

Shared households are trending upward, and the housing industry is working quickly to try and adapt to meet those needs. They are designing new property layouts that allow private space for renters or independent family members. New mortgage types are considering methods of income differently that old types of mortgages.

Like other industries, other companies will follow suit once a product is doing well for its competitors. We’ll see plenty more invention as the housing industry adapts to the changes in the modern day household.

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