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Have you ever considered living in the same house with your grandparents, parents, or other loved ones? You’re not the only one. Many people are opting to purchase multi-generational homes where everyone can reside together. Let’s explore the reasons behind this trend to see if it might be a good fit for you as well.
Reasons for Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), here are several key reasons why buyers have chosen multi-generational homes over the past year (refer to the graph below):
Two of the primary reasons for choosing multi-generational homes are related to aging parents. Twenty-seven percent of buyers opted for multi-generational living to facilitate easier care for their parents, while 19% did so to spend more time with them. Many
older adults prefer to age in place, and living in a home with loved ones can support that goal. If your parents are considering the same but need assistance, a multi-generational home could be worth considering.
However, buying a multi-generational home isn’t just about proximity or caregiving—it can also lead to significant cost savings. Twenty-two percent of buyers selected multi-generational homes to reduce expenses, and 11% needed a larger home that multiple incomes could afford together.
Sharing costs such as the mortgage and utilities can make homeownership more manageable, especially for first-time buyers who may find it challenging to purchase a property independently in today’s market.
As Axios explains:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
Finding the perfect multi-generational home can be more challenging than finding a traditional house because there are more opinions and needs to consider. It’s like putting together a puzzle where all the pieces must fit perfectly. If you’re interested in multi-generational living and want to reap its benefits, consider teaming up with a local real estate agent who can assist you.
In conclusion, whether you’re looking to save money or care for your loved ones, buying a multi-generational home could be a viable option for you. If you want to learn more, let’s chat.
