Have you considered the notion of living under one roof with your grandparents, parents, or other family members? If the thought has crossed your mind, you’re not alone. An increasing number of homebuyers are choosing multi-generational living arrangements. Below are some key reasons why this trend is gaining popularity, helping you determine if this type of home is suitable for you as well.
Reasons Behind the Rise in Multi-Generational Living
The National Association of Realtors (NAR) highlights affordability as one of the primary factors driving the increasing demand for multi-generational homes, as depicted in the graph below:
Primary focus for first-time buyers revolves around cost savings, with 28% emphasizing this aspect. By combining financial resources with others, they can distribute expenses such as mortgage payments and utilities, making homeownership more financially viable. This collaborative approach proves especially beneficial for first-time buyers encountering challenges in affording a home independently within the current market landscape.
Additionally, buyers are gravitating towards multi-generational homes to realize their aspirations of owning a larger residence. Both first-time (28%) and repeat buyers (18%) opt for communal living arrangements to facilitate the purchase of a more spacious property. By pooling incomes, the prospect of acquiring that coveted dream home with ample space becomes more attainable.
However, the appeal of multi-generational living extends beyond financial considerations. According to the same NAR study, 23% of repeat buyers opt for multi-generational homes to facilitate the care of aging parents. Many older individuals seek to age in place, and a multi-generational setup supports this objective. For older adults, it offers an opportunity to sustain their desired standard of living while being surrounded by family members, as elaborated by Axios:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
Rely on a Specialist
Navigating the intricacies of finding the ideal multi-generational home is more complex than typical house hunting. With multiple individuals and their varying preferences to accommodate, it’s akin to solving a puzzle where each piece must align perfectly.
For those intrigued by the advantages of multi-generational living, teaming up with a knowledgeable local real estate agent is crucial.
Bottom Line
Whether driven by financial considerations or the desire to create a shared living space, purchasing a multi-generational home could be a practical choice. To delve deeper into this option, reach out to a local real estate agent for guidance and insight.
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