Have you ever considered the idea of sharing a home with your grandparents, parents, or other loved ones? You’re not alone. Many individuals are now opting to purchase multi-generational homes, where multiple generations can live together. Let’s explore the reasons why people find this arrangement appealing, and see if it might be a suitable choice for you as well.
Reasons for Choosing Multi-Generational Living
The National Association of Realtors (NAR) highlights several key reasons why buyers have chosen multi-generational homes in the past year (refer to the graph below):
Two of the primary reasons were related to caring for aging parents. Twenty-seven percent of buyers opted for multi-generational homes to facilitate easier care for their parents, while 19% did so to spend more quality time with them. Many older adults prefer to age in place, and living together with family can support that desire. If your parents share this goal but require some assistance, a multi-generational home could be a suitable solution.
However, the decision to purchase a multi-generational home extends beyond proximity and caregiving—it can also offer financial benefits. Twenty-two percent of buyers chose this option to reduce expenses, while 11% needed a larger home that multiple incomes could afford collectively.
Pooling resources for expenses like the mortgage and utilities can significantly lower the overall cost of homeownership. This is particularly advantageous for first-time homebuyers who may find it challenging to purchase a property independently in the current market. As Axios points out, “Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
The Role of an Agent in Finding Your Ideal Home
Searching for the ideal multi-generational home is more complex than finding a standard house. With more individuals involved, there are additional opinions and requirements to consider. It’s akin to solving a puzzle where every piece must fit perfectly. If you’re interested in living with your family and reaping the benefits, partnering with a local real estate agent can be invaluable.
Bottom Line
Whether your goal is to save money or to provide care for your loved ones, purchasing a multi-generational home could be a wise decision for you. If you’re interested in learning more, let’s discuss further.
