Is a Multi-Generational Home Right for You?

<article class="post-1021728 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1021728"><span class="entry-date">April 25, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Is a Multi-Generational Home Right for You?</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=Is+a+Multi-Generational+Home+Right+for+You%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fis-a-multi-generational-home-right-for-you%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</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="Is a Multi-Generational Home Right for You? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240425-Is-a-Multi-Generational-Home-Right-for-You.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>Ever thought about living in the same house with your grandparents, parents, or other loved ones? You’re not alone. A lot of people are choosing to <a href="https://www.simplifyingthemarket.com/2024/03/20/does-it-make-sense-to-buy-a-home-right-now/" rel="noopener noreferrer" target="_blank">buy</a> multi-generational homes where everyone can live together. Let’s check out why they think it’s a good idea to see if it might be a good fit for you, too.</p>
<h4><strong>Why People Are Choosing Multi-Generational Living</strong></h4>
<p>According to the <em>National Association of Realtors</em> (NAR), <a href="https://cdn.nar.realtor/sites/default/files/documents/2024-home-buyers-and-sellers-generational-trends-04-03-2024.pdf" rel="noopener noreferrer" target="_blank">here</a> are just a few key reasons buyers opted for multi-generational homes over the past year (<em>see graph below</em>):</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240423/20240425-Reasons-for-Purchasing-a-Multi-Generational-Home.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240423/20240425-Reasons-for-Purchasing-a-Multi-Generational-Home.png"/></a></p>
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<p>Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take care of their parents more easily. And 19% did it to spend more time with them. A lot of older adults want to age in place, and living in a home with loved ones can help them do just that. If your parents are hoping to do the same, but need a bit of help, a multi-generational home may be worth considering.</p>
<p>But buying a multi-generational home isn’t just about being close or taking care of the people you love—it can save you money, too. 22% of buyers say they picked a multi-generational home to cut down on costs, and 11% needed a bigger house multiple incomes could afford together.</p>
<p>Sharing costs like the mortgage and utilities can make owning a home more affordable. <strong>This is especially helpful for </strong><a href="https://www.simplifyingthemarket.com/2024/03/22/3-helpful-tips-for-first-time-homebuyers-infographic/" rel="noopener noreferrer" target="_blank"><strong>first-time homebuyers</strong></a><strong> who might find it challenging to buy a place on their own in today’s market.</strong></p>
<p>As <em>Axios</em> <a href="https://www.axios.com/2023/11/05/multigenerational-living-families-data-statistics-map-states" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”</em></p></blockquote>
<h4><strong>How an Agent Is Key in Finding the Right Home for You</strong></h4>
<p>Looking for the perfect multi-generational home is a bit trickier than finding a regular house. You’ve got more people, which means more opinions and needs to think about. It’s kind of like putting together a puzzle where all the pieces need to fit perfectly.</p>
<p>If you’re into the idea of living with loved ones and want all the benefits that come with it, team up with a local <a href="https://www.simplifyingthemarket.com/2024/04/05/top-5-reasons-to-hire-an-agent-when-buying-a-home-infographic/" rel="noopener noreferrer" target="_blank">real estate agent</a> who can help you out.</p>
<h3>Bottom Line</h3>
<p>Whether you’re looking to save money or want to take care of your loved ones, buying a multi-generational home might be a good idea for you. If you want to find out more, talk to a local <a href="https://www.simplifyingthemarket.com/2024/04/09/the-top-5-reasons-you-need-a-real-estate-agent-when-buying-a-home/" rel="noopener noreferrer" target="_blank">real estate agent</a>.</p>
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