Why More People Are Buying Multi-Generational Homes Today

<article class="post-1345919 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1345919"><span class="entry-date">January 21, 2025</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why More People Are Buying Multi-Generational Homes 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=Why+More+People+Are+Buying+Multi-Generational+Homes+Today&url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-more-people-are-buying-multi-generational-homes-today%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="Why More People Are Buying Multi-Generational Homes Today Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20250116/20250121-Why-More-People-Are-Buying-Multi-Generational-Homes-Today-original.png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>Today, <a href="https://www.nar.realtor/blogs/economists-outlook/home-for-the-holidays-the-rise-of-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">17%</a> of homebuyers are choosing multi-generational homes — that’s when you buy a house with your parents, adult children, or even distant relatives. What makes that noteworthy is that <strong>17% is actually the highest level ever recorded</strong> by the <em>National Association of Realtors</em> (NAR)<strong>. </strong>But what’s driving the recent rise in multi-generational living?</p>
<h4><strong><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20250116/20250121-Share-of-Buyers-Choosing-a-Multi-Generational-Home-Hits-Record-High-original.png"/>Top Benefits of Choosing a Multi-Generational Home</strong></h4>
<p>In the past, homebuyers often opted for multi-generational homes to make it easier to care for their parents. And while that’s still a key reason, it’s not the only one. Right now, there’s another powerful motivator: affordability.</p>
<p><strong>According to the </strong><a href="https://www.nar.realtor/blogs/economists-outlook/home-for-the-holidays-the-rise-of-multi-generational-home-buying" rel="noopener noreferrer" target="_blank"><strong>latest data</strong></a><strong> from NAR, cost savings are the main reason more people are choosing to live with family today. </strong></p>
<p>The rising cost of homeownership is making it harder for many people to afford a home on their own. This has led to more families pooling their resources to make buying a home possible.</p>
<p>By combining incomes and sharing expenses like the mortgage, utility bills, and more, multi-generational living offers a way to overcome financial challenges that might otherwise put homeownership out of reach. As Rick Sharga, Founder and CEO at <em>CJ Patrick Company</em>, explains:</p>
<blockquote><p><em>“There are a few ways to improve affordability, at least marginally. . . purchase a property with a family member — there are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”</em></p></blockquote>
<p>You may even find it helps you afford a bigger home than you would have been able to on your own. So, if you need more room, but can’t afford it with today’s rates and prices, this could be an option to still get the space you need.</p>
<p>On top of the financial benefits, it could also bring your family <a href="https://www.simplifyingthemarket.com/2024/12/24/the-1-reason-people-move-to-be-closer-to-family-and-friends/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">closer together</a> and strengthen your bonds by getting more quality time together.</p>
<h3>Bottom Line</h3>
<p>If you’re considering a move, buying a multi-generational home might be worth exploring – especially if your budget is stretched too thin on your own</p>
<p>Connect with a local real estate agent to discuss your needs and find a home that fits your family’s unique situation.</p>
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