More families moving in together during housing crisis
People are dealing with the housing crisis in many different ways. Some are going the unethical route, walking away from homes that have declined in value, leaving their unpaid mortgage bills behind. Others are renting their homes out instead of putting them on the market. Still others are working out deals with their mortgage lenders to reduce their monthly mortgage payments.
Then there are the folks profiled in a recent USA Today story: They’re surviving the economic slump and the housing crisis by moving in with other family members.
According to the USA Today story, a growing number of relatives are moving under the same roof. Unfortunately, these moves aren’t made because families want to spend more time together; It’s a move borne out of economic necessity.
Some are moving into relatives’ homes because they’ve already lost their own residence to foreclosure. Others are doing it because they can no longer qualify for a mortgage loan in these days of stricter lending standards. Other groups of siblings and relatives are moving in together to pool their dollars, so that they can all benefit from having a home.
This situation doesn’t seem too unusual to me. Back when I was a kid — way too many year ago — my grandmother and uncle both lived with us. That made three kids, two parents and two extended family members living in a home that measured just a bit under 2,000 square feet. Funny thing is, I never felt crowded or cramped. Now, my parents might have, but as for me? I was happy as could be.
I often think back to my cozy childhood home whenever I see a sprawling McMansion profiled in our local newspaper or on one of the cable TV home-improvement shows. Today’s new construction homes are often far too large for the small family that lives in them. I’ve always thought giant homes were largely a waste. How often, after all, is that extra bedroom or spare entertaining area really used?
I know the extended families profiled in the USA Today story aren’t living together because they want to. But still, there isn’t something nice about having extended family members around, especially in trying times like the ones we’re suffering through now.
