Have you ever thought about living with your grandparents, parents, or other relatives? It's becoming more common for people to consider buying a multi-generational home. Let's explore some of the main reasons why this trend is on the rise and see if a home like this could be a good fit for you as well.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), the main reasons why buyers are choosing multi-generational homes today are related to affordability. Check out the graph below for more details.

When people are buying a home for the first time, 28% of them are mainly concerned about saving money. One way they can do this is by teaming up with others to share the costs of owning a home, like mortgage payments and utilities. This can be really useful for first-time buyers who are finding it hard to afford a home on their own in today's market.

It seems like more and more buyers are considering multi-generational homes to make buying their dream home more doable. About 28% of first-time buyers and 18% of repeat buyers are opting to live with others to afford a larger home. Pooling incomes and resources can really make that spacious dream home a more realistic possibility.

But living in a multi-generational home isn’t just about money. According to a study by NAR, 23% of people buying their second or subsequent home chose a multi-generational setup to make it simpler to take care of an aging parent. A lot of seniors want to grow old in the same place, and a multi-generational home can make that happen. It gives them a chance to keep living their best life while being close to their family. As mentioned in Axios:

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

— Axios

Lean on an Expert

Finding the ideal home for multiple generations isn't as straightforward as looking for a typical house. It's more complex because there are more people with a variety of opinions and needs to think about. It's kind of like putting together a puzzle where all the pieces have to fit perfectly.

If you're interested in the benefits of multi-generational living, reach out to a local real estate agent with the expertise to help you make it a reality.

Bottom Line

Whether you want to save money or live with the people you care about, buying a multi-generational home could be a great option. Let's chat if you'd like to learn more.