The Top Benefits of Buying a Multi-Generational Home

<article class="post-918326 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-918326"><span class="entry-date">January 25, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Top Benefits of Buying a Multi-Generational Home</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=The+Top+Benefits+of+Buying+a+Multi-Generational+Home&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-top-benefits-of-buying-a-multi-generational-home%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="The Top Benefits of Buying a Multi-Generational Home Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240125-The-Benefits-of-Buying-a-Multi-Generational-Home.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.</p>
<h4><strong>Why Buyers Are Opting for Multi-Generational Living</strong></h4>
<p><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 the <em>National Association of Realtors</em> (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with <a href="https://www.simplifyingthemarket.com/2024/01/18/3-key-factors-affecting-home-affordability/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">affordability</a> (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20230125-Reasons-To-Purchase-A-MultiGeneration-Home.PNG" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240124/20230125-Reasons-To-Purchase-A-MultiGeneration-Home.PNG"/></a></p>
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<p>First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. <strong>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.</strong></p>
<p>Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big <a href="https://www.simplifyingthemarket.com/2024/01/01/3-keys-to-hitting-your-homeownership-goals-in-2024/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">dream home</a> with more space could be more within reach.<strong> </strong></p>
<p><strong>But multi-generational living isn’t just about the financial side of things.</strong> 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 <a href="https://www.simplifyingthemarket.com/2023/12/27/retiring-soon-why-moving-might-be-the-perfect-next-step/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">older adults</a>, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. 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>Lean on an Expert</strong></h4>
<p>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 to be considered. <span style="color: black;">It’s like solving a puzzle</span>, and the pieces need to fit just right.</p>
<p>So if you’re interested in the many benefits multi-generational living offers, partner with a local <a href="https://www.simplifyingthemarket.com/2023/12/07/why-you-need-to-use-a-real-estate-agent-when-you-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a> who has the expertise to help.</p>
<h3>Bottom Line</h3>
<p>Whether your motives are financial or focused on the people you’ll share your home with, buying a <a href="https://www.simplifyingthemarket.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/" rel="noopener noreferrer" target="_blank">multi-generational home</a> may make sense for you. If you’re interested in learning more, connect with a local real estate agent.</p>
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