More People Are Finding the Benefits of Multigenerational Households Today

More People Are Finding the Benefits of Multigenerational Households Today

Choosing to live with siblings, parents, or grandparents Then you may be interested in multigenerational living. According to the Pew Research Center, a multigenerational household is defined as a home containing two or more adult generations of family members. In recent years, this way of living has become increasingly popular.

This home search option could help you in your journey to become a homeowner while also providing other great benefits.

Living with Loved Ones Could Help You Achieve Your Homeownership Goals

Many people choose to live in a multigenerational household for personal reasons, but according to the Pew Research Center, financial considerations are the most important factor.

A study done by Freddie Mac finds that more people are choosing to buy a home together so they can save money. As the study says:

“Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.”

For people in this situation, buying a home with someone else can help them achieve their goal. If they put their incomes together, they may be able to buy a house that would otherwise be out of reach.

Other Key Benefits of Multigenerational Living

If you live with your loved ones, not only do you get to spend more time together, but there are also personal and financial benefits. Darla Mercado, Certified Financial Planner and Markets Editor for CNBC.com explains:

“Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.”

If you feel this is the best option for you, it’s essential to partner with a reputable real estate agent. They will help simplify the process and guide you to find your perfect home.

Bottom Line

There are many benefits to living in a multigenerational home, and more and more people are discovering them. If you're wondering if it's right for you, let's talk about it today. I can help you figure out what would work best for your personal situation.