What is Multigenerational Living?
One of the latest trends to emerge in today’s real estate market is Multigenerational living. So, what is multigenerational living? In simple terms, multigenerational living is a household made up of three or more generations living together under one roof.
How Popular is This Trend?
According to a recent study from Freddie Mac, “An increasing percentage of young adult first-time home buyers are relying on support from older generations, including their parents, to buy a home together.” Today, up to 41 percent of Americans purchasing a home consider this option, especially in higher-priced markets.
So, what are some benefits of choosing this type of household? Living with loved ones can help achieve homeownership goals more quickly by pooling their finances together and sharing in the expenses of owning a home. Another key benefit is shared caregiving duties such as helping with child care inside of the home vs. out-of-home daycare, or assisting elderly family members who rely on support with day-to-day activities. But most importantly, it allows the family to remain connected and spend more time with each other to build relationships. Now, of course, this latest trend is not for everyone.
Reach Out to Us Today!
Living with extended family can also create some challenges. But if your family has been considering this, working with a trusted real estate agent is important. If your needs are changing due to more people living with you, let’s connect to help you find the perfect home with the space for you and your growing household.