Could a Multi-Generational Home Be the Right Fit for You?

During the pandemic, many of us reexamined the meaning of home for ourselves and our loved ones. Today, that can be seen in the recent rise in multi-generational households. According to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR):

“Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”

And citing data from Pew Research Center, the Wall Street Journal (WSJ) says:

“. . . multi-generational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”

So, if buying a multi-generational home has crossed your mind, you aren’t alone. Depending on what stage of home-ownership you’re in, there are different reasons it could be the right fit. The chart below shows responses to a recent survey from NAR about the reasons people have bought a multi-generational home:

Whether your motives are financial or focused on the people you’ll share your home with, a multi-generational home has distinct advantages. It can make home-ownership more affordable, and it can help you best support your loved ones. As Lautz explains:

“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 multi-generational buying appears to be firmly established and one that could expand in the future.”

Bottom Line

If you’re ready to buy a house, consider the opportunities of a multi-generational home. Let’s connect so you can explore your options in our area.