More People Are Finding the Benefits of Multigenerational Households Today

<article class="post-536492 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-536492"><span class="entry-date">November 17, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">More People Are Finding the Benefits of Multigenerational Households 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=More+People+Are+Finding+the+Benefits+of+Multigenerational+Households+Today&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fmore-people-are-finding-the-benefits-of-multigenerational-households-today%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="More People Are Finding the Benefits of Multigenerational Households Today | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/16121319/more-people-are-finding-the-benefits-of-multigenerational-living-KCM-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/16121319/more-people-are-finding-the-benefits-of-multigenerational-living-KCM-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/16121319/more-people-are-finding-the-benefits-of-multigenerational-living-KCM.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The <a href="https://www.pewresearch.org/fact-tank/2022/07/20/young-adults-in-u-s-are-much-more-likely-than-50-years-ago-to-be-living-in-a-multigenerational-household/"><em>Pew Research Center</em></a> defines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years.<span id="more-47472"></span></p>
<p>As you consider this option for your own home search, know it could help you on your <a href="https://www.simplifyingthemarket.com/2022/10/24/pre-approval-is-a-critical-first-step-on-your-homebuying-journey/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership journey</a> and provide you with other incredible benefits along the way.</p>
<h4><strong>Living with Loved Ones Could Help You Achieve Your Homeownership Goals</strong></h4>
<p>There are several reasons people choose to live in a multigenerational household, and for many, the arrangement is a personal one. But according to the <a href="https://www.pewresearch.org/social-trends/2022/03/24/financial-issues-top-the-list-of-reasons-u-s-adults-live-in-multigenerational-homes/"><em>Pew Research Center</em></a>, the top reason people choose to live together today is financial.</p>
<p>A <a href="https://www.freddiemac.com/research/insight/20220908-co-borrowing-rise-first-time-homebuyers">recent study</a> from <em>Freddie Mac</em> also finds more people are choosing to buy a home together so they can save money in the homebuying process. As the study says:</p>
<blockquote>
<p><em>“. . .<strong> an</strong> <strong>increasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.</strong>”</em></p>
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<p>For these individuals, combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own.</p>
<h4><strong>Other Key Benefits of Multigenerational Living </strong></h4>
<p>Not to mention, living in a home with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor for <em>CNBC.com</em>, <a href="https://www.cnbc.com/2022/10/19/multigenerational-hispanic-households-feel-rising-economic-pressure.html">explains</a> how this living arrangement can help on a <a href="https://www.simplifyingthemarket.com/2022/10/17/the-emotional-and-non-financial-benefits-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">personal</a> and financial level:</p>
<blockquote>
<p><em>“Residing with relatives can offer advantages <strong>. . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.</strong>”</em></p>
</blockquote>
<p>If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.</p>
<h3><strong>Bottom Line</strong></h3>
<p>More people are discovering the benefits of multigenerational living. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.</p>
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