How Multi-Gen Living Can Benefit Every Generation

Have you considered the prospect of cohabiting with your grandparents, parents, or other relatives under one roof? If the thought has crossed your mind, you're part of a growing trend. Increasing numbers of homebuyers are opting for multi-generational living arrangements. Explore the compelling reasons behind this choice to determine if a home designed for multiple generations aligns with your preferences.

The Rise of Multi-Generational Homes

According to the National Association of Realtors (NAR), two key reasons influencing the choice of multi-generational homes among buyers today are directly related to affordability, as indicated in the graph below:

Primary emphasis for first-time buyers lies in achieving cost savings, with 28% citing it as a crucial factor. Collaborating with others allows them to jointly manage financial obligations such as mortgage payments and utilities, contributing to increased affordability in homeownership. This proves particularly beneficial for first-time homebuyers grappling with the challenges of affording a home independently in today's market.

Buyers are increasingly embracing multi-generational homes as a means to attain their dream residences more feasibly. Whether first-time buyers (28%) or repeat buyers (18%), individuals are opting to share living spaces to acquire larger homes. By pooling resources and consolidating incomes, the prospect of achieving that expansive dream home with more space becomes more attainable.

However, the appeal of multi-generational living extends beyond financial considerations. As revealed by the NAR study, 23% of repeat buyers opt for multi-generational homes to facilitate the care of aging parents. Many older individuals aspire to age in place, and a multi-generational home serves as a conducive environment for achieving this goal. For these seniors, it provides an opportunity to preserve their quality of life while being in the comforting presence of their loved ones. As explained by Axios:

"Living with parents and grandparents often stems from significant factors such as financial considerations and the necessity for caregiving."

Let an Expert Help You

Discovering an ideal multi-generational home is more complex than searching for a typical house. The intricacy arises from the multitude of individuals with varied opinions and needs, akin to solving a puzzle where the pieces must align perfectly.

If you're intrigued by the numerous advantages of multi-generational living, collaborate with a local real estate agent possessing the expertise to assist you.

Bottom Line

Whether your motivations are financial or centered around the individuals you'll be sharing your home with, investing in a multi-generational home could be a logical choice for you. If you wish to delve deeper into this option, reach out to a local real estate agent for more information.