Could a Multigenerational Home Be the Right Fit for You?

<article class="post-648898 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-648898"><span class="entry-date">March 7, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Could a Multigenerational Home Be the Right Fit 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=Could+a+Multigenerational+Home+Be+the+Right+Fit+for+You%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fcould-a-multigenerational-home-be-the-right-fit-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="Could a Multigenerational Home Be the Right Fit for You? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/could-a-multigenerational-home-be-the-right-fit-for-you-KCM.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>During the pandemic, many of us reexamined the meaning of <em>home</em> for ourselves and our loved ones. Today, that can be seen in the recent rise in multigenerational <a href="https://www.simplifyingthemarket.com/2023/02/22/a-smaller-home-could-be-your-best-option/" rel="noopener noreferrer" target="_blank">households</a>. <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">According</a> to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the <em>National Association of Realtors</em> (NAR):</p>
<blockquote><p><em>“Multi-generational buying may be </em><strong><em>a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members</em></strong><em>. While this is not a new concept of living, it is one which has gained recent popularity.”</em></p></blockquote>
<p>And citing data from <em>Pew Research Center</em>, the <em>Wall Street Journal</em> (WSJ) <a href="https://www.wsj.com/articles/more-parents-are-moving-in-with-adult-childrenat-younger-ages-a931f3d7" rel="noopener noreferrer" target="_blank">says</a>:</p>
<blockquote><p><em>“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”</em></p></blockquote>
<p>So, if buying a multigenerational home has crossed your mind, you aren’t alone. Depending on what <a href="https://www.simplifyingthemarket.com/2023/03/02/equity-gains-for-todays-homeowners/" rel="noopener noreferrer" target="_blank">stage</a> of homeownership you’re in, there are different <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">reasons</a> it could be the right fit. The chart below shows responses to a recent survey from NAR about the reasons people have bought a multigenerational home:</p>
<p><a href="https://files.keepingcurrentmatters.com/content/images/20230306/top-reasons-to-purchase-a-multigenerational-home-MEM.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230306/top-reasons-to-purchase-a-multigenerational-home-MEM.png"/></a></p>
<p>Whether your motives are financial or focused on the people you’ll share your home with, a multigenerational <a href="https://www.simplifyingthemarket.com/2023/02/23/how-to-make-your-dream-of-homeownership-a-reality/" rel="noopener noreferrer" target="_blank">home</a> has distinct advantages. It can make homeownership more affordable, and it can help you best support your loved ones. As Lautz <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”</em></p></blockquote>
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