In recent years there has been a rise in the popularity of multifamily homes, although the concept is not a new one. For some, the reason is entirely personal, having to do with the strong family bond and the desire to remain close. For many, this is decision is mostly financial. The multifamily structure allows families to share expenses and they can reap savings benefits from doing this. Data provided by the Department of Housing and Urban Development indicates that more than 30 million residences fall into this category. Here is a look at some of the multifamily structures being sought today.
- Mixed-use: this term means that the structure serves as more than a residence. For example, one section may be a residence, while other sections may be used for commercial purposes. These include retail, entertainment or any other type of venture. The main advantage is the obvious savings due to the fact that there is no commute. In these instances more than one family member works in the business.
- Condos: Condominiums are made up of sections that are sold individually, making them ideal for the multifamily concept. Family members can pool their resources to buy units. A major benefit here is that someone with a lower income might be able to get a unit they could not otherwise afford.
- Apartments: these residences account for a significant portion of the multifamily lifestyle. Apartments are generally available for rent, so affordability is a major factor here. One appealing aspect of the multifamily apartment is that it usually provides access to important facilities like theaters and schools. Many of these apartment communities have their own pools and exercise facilities.
- Low income housing: Government agencies are actively involved in developing low-income multifamily housing. They subsidize projects aimed at making housing units more affordable with no difference in quality from traditional housing units.
- Retirement housing: these units are ideal for those in the latter stages of life who want to maintain their independence. They benefits from social interaction with other in the same age groups, and access to amenities such as swimming pools and fitness facilities.
This trend shows no signs of slowing, and there are other types of housing options that will work for those who find the multifamily concept appealing. As the demand grows, many of these projects focus on the inclusion of smart technology, green living and energy efficiency.