More Reasons Why People Are Choosing Multi-Generational Homes Today

Did you know that 17% of homebuyers are choosing multi-generational homes (i.e. buying a house with your parents, adult children, or even distant relatives) (Marroquin, 2024). What's important to note is that 17% is the highest percentage ever reported by the National Association of Realtors (NAR) (Marroquin, 2024). What is causing more families to live together across different generations ?

Key Advantages of Choosing a Multi-Generational Home

In the past, many homebuyers chose multi-generational homes to help take care of their parents more easily. That is an important reason, but it's not the only one. Currently, another strong reason is our current state of home affordability.

Recent data from Amethyst Marroquin (2024), a Research Assistant of Member and Consumer Survey Research for the National Association of REALTORS®, shows that saving money is the main reason more people are deciding to live with family now.

The increasing cost of owning a home is making it difficult for many people to buy one for just themselves. This has caused more families to combine their money to buy a house.

Living with multiple generations can help families deal with money problems by pooling incomes and sharing costs like the mortgage and energy bills. This can make owning a home more affordable. Rick Sharga, the 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.”

It might even help you buy a bigger home than you could on your own. If you need more space but can't afford the current prices, this could be a way to still get that extra space you need.

Besides saving money, it can also help your family feel closer and improve your relationships by spending more valuable time together. NOTE: It is very important to know your in-laws very well before going this route. I take no responsibility for your or your family's actions after moving in together :-)

In Conclusion
 

If you're thinking about moving, getting a multi-generational home could be a good option, especially if your budget is tight. Once again, know your people.

Let's talk about what you need and find a home that works for your family.

References

Marroquin, A. (2024). Home for the Holidays: The rise of Multi-Generational Home Buying. Retrieved from https://www.nar.realtor/blogs/economists-outlook/home-for-the-holidays-the-rise-of-multi-generational-home-buying