Today, 17% of homebuyers are opting for multi-generational homes—properties shared with parents, adult children, or even extended family members. This figure is particularly noteworthy because it marks the highest level ever recorded by the National Association of Realtors (NAR). So, what’s fueling the growing trend of multi-generational living?
Top Benefits of Choosing a Multi-Generational Home
Historically, homebuyers have chosen multi-generational homes to make it easier to care for aging parents. While that remains a significant reason, another major factor is now driving this trend: affordability.
According to the latest data from the National Association of Realtors (NAR), saving on costs has become the primary motivator for families choosing to live together. Rising homeownership costs have made it increasingly difficult for many to afford a home on their own, leading more families to pool their resources to purchase a property.
By combining incomes and sharing expenses like mortgages and utility bills, multi-generational living provides a practical solution to financial challenges that might otherwise make homeownership unattainable. Rick Sharga, Founder and CEO of CJ Patrick Company, explains:
“There are a few ways to improve affordability, at least marginally. . . purchase a property with a family member — there are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”
This approach may even allow you to afford a larger home than you could on your own. If rising rates and prices are limiting your options, teaming up with family could help you secure the space you need.
Beyond the financial advantages, multi-generational living can also bring families closer together, providing more quality time and strengthening bonds.
Bottom Line
If you’re planning a move, it might be worth exploring the option of a multi-generational home—especially if managing your budget on your own feels challenging.
Let’s connect to discuss your needs and find a home that suits your family’s unique circumstances.
