The Top Advantages of Buying a Multigenerational Home

Have you considered sharing a home with loved ones such as your grandparents, parents, or other relatives? If so, you are not alone. More buyers are choosing to buy a multigenerational home. Here are some of the top reasons why, so you can decide if a home like this is right for you.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):

First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources, they can share financial responsibilities such as mortgage payments, utilities, and other expenses, making homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

Buyers are also turning to multi-generational homes to help them afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to share a home in order to afford a larger one. When everyone chips in and combines their incomes, that big dream home with more space could be more within reach.

But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios explains:

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

Lean on an Expert

Finding the ideal multi-generational home is not as simple as looking for a standard house. That is because there are more people with more opinions that must be considered. It's like solving a puzzle, and the pieces need to fit just right.

So, if you are interested in the many advantages of multi-generational living, work with a local real estate agent who can help.

Bottom Line

Whether your motivations are financial or personal, purchasing a multi-generational home may be a good fit for you. If you want to learn more, let us talk.

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