Are You a Good Match for a Multigenerational Home?

Have you ever considered living in the same house with your grandparents, parents, or other loved ones? You are not alone. Many people are opting to buy multigenerational homes in which everyone can live together. Let us find out why they think it is a good idea and see if it is a good fit for you as well.

Why People Are Choosing Multi-Generational Living

According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):

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Two of the most common reasons were related to aging parents. 27% of buyers selected multigenerational homes to make it easier to care for their parents. And 19% wished to spend more time with them. Many older adults prefer to age in place, and living at home with loved ones can help them do so. If your parents want to do the same but need some assistance, a multigenerational home may be worth considering.

However, purchasing a multi-generational home can save you money in addition to keeping you close to or caring for the people you care about. 22% of buyers chose a multi-generational home to save money, while 11% desired a larger house that multiple incomes could afford together.

Sharing costs like the mortgage and utilities can make owning a home more affordable. This is especially helpful for first-time homebuyers who might find it challenging to buy a place on their own in today's market.

As Axios explains:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and their parents’ parents).”

How an Agent Is Key in Finding the Right Home for You

Looking for the perfect multi-generational home is a bit trickier than finding a regular house. You've got more people, which means more opinions and things to think about. It's kind of like putting together a puzzle where all the pieces need to fit perfectly.

If you're into the idea of living with loved ones and want all the benefits that come with it, team up with a local real estate agent who can help you out.

Bottom Line

Whether you're looking to save money or want to take care of your loved ones, buying a multi-generational home might be a good idea for you. If you want to find out more, let’s talk.

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