How Buying a Multi-Generational Home Helps with Affordability Today

<article class="post-824050 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-824050"><span class="entry-date">October 17, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">How Buying a Multi-Generational Home Helps with Affordability Today</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=How+Buying+a+Multi-Generational+Home+Helps+with+Affordability+Today&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-buying-a-multi-generational-home-helps-with-affordability-today%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/how-buying-a-multi-generational-home-helps-with-affordability-today/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-buying-a-multi-generational-home-helps-with-affordability-today%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-buying-a-multi-generational-home-helps-with-affordability-today%2F&amp;description=How+Buying+a+Multi-Generational+Home+Helps+with+Affordability+Today" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/how-buying-a-multi-generational-home-helps-with-affordability-today/?shareSlug%3Dhow-buying-a-multi-generational-home-helps-with-affordability-today" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: How Buying a Multi-Generational Home Helps with Affordability Today&amp;body=How Buying a Multi-Generational Home Helps with Affordability Today%0D%0Dhttps://gilliggroup.com/blog/how-buying-a-multi-generational-home-helps-with-affordability-today/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="How Buying a Multi-Generational Home Helps with Affordability Today Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231017-How-Buying-a-Multi-Generational-Home-Helps-with-Affordability-Today.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>In today’s world of <a href="https://www.simplifyingthemarket.com/2023/09/06/mortgage-rates-past-present-and-possible-future/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">rising housing costs</a>, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.</p>
<p>Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents. Here’s an in-depth look at why more buyers are choosing this option today, so you can see if it may be right for you too.</p>
<h4><strong>Reasons To Buy a Multi-Generational Home</strong></h4>
<p>According to a <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">recent study</a> by the <em>National Association of Realtors</em> (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability (<em>see graph below</em>):</p>
<p><a href="https://www.simplifyingthemarket.com/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20231013/20231017-Reasons-to-Purchase-a-MultiGen-Home.png"/></a></p>
<p></p>
<p><strong>Cost Savings:</strong> About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities like mortgage payments, utilities, property taxes, and maintenance, to make <a href="https://www.simplifyingthemarket.com/2023/10/02/unpacking-the-long-term-benefits-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable. This is especially helpful for <a href="https://www.simplifyingthemarket.com/2023/10/04/understanding-the-benefits-of-owning-your-first-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">first-time homebuyers</a> who may be finding it tough to afford a home on their own in today’s market.</p>
<p><strong>More Space:</strong> Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on their own. For some of the <a href="https://www.simplifyingthemarket.com/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">repeat buyers</a> who listed this as a main motivator, it could be because they find themselves taking care of <a href="https://www.simplifyingthemarket.com/2023/09/13/should-baby-boomers-buy-or-rent-after-selling-their-houses/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">older parents</a> while also welcoming back young adults who’ve returned to the nest. With everyone chipping in and combining their incomes, suddenly, that big <a href="https://www.simplifyingthemarket.com/2023/09/21/the-many-non-financial-benefits-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">dream home</a> with more space is within reach. As the <em>Triangle Business Journal</em> <a href="https://www.bizjournals.com/triangle/news/2023/04/01/why-choose-multigenerational-living-in-the-triangl.html" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“</em><strong><em>Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own</em></strong><em> by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.”</em></p></blockquote>
<h4><strong>Lean on an Expert</strong></h4>
<p>If you’re interested in this too, partner with a local <a href="https://www.simplifyingthemarket.com/2023/08/23/why-you-need-a-true-expert-in-todays-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a>. Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs that should be considered.</p>
<p>You’ve got to make sure everyone has their own space, find room for shared household time, and possibly even create adaptable areas for older relatives. It’s a puzzle, and the pieces need to fit just right. Your real estate agent has the expertise and local knowledge to help you find that home where everyone can be comfortable without breaking the bank. As <em>MoneyGeek.com</em> <a href="https://www.moneygeek.com/mortgage/resources/multigenerational-family-finances/" rel="noopener noreferrer" target="_blank">puts</a> it:</p>
<blockquote><p><strong><em>“Having a good multigenerational property can improve the prospects of success when living with loved ones.</em></strong><em> A multigenerational home should fit the specific needs of most family members regardless of age or health. </em><strong><em>Speaking to a real-estate agent can help you gain clarity and locate a fit.”</em></strong></p></blockquote>
<h3>Bottom Line</h3>
<p>Buying a multi-generational home can be a smart way to tackle some of today’s affordability challenges. When you team up to share expenses, you can make your dream of homeownership more attainable. If this sounds like an option for you and your loved ones, connect with a local real estate agent to help you find a home that’s the perfect fit.</p>
</div>
</div></article>