The Benefits of Multigenerational Households Today

By
Real Estate Broker/Owner with Charles Stallions Real Estate Services

Bottom Line

More people are discovering the benefits of multigenerational living today. For the best information and help deciding what’s right for your personal situation, connect to a local real estate advisor and start the conversation today.

 

More People Are Finding the Benefits of Multigenerational Households Today

If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years.

As you consider this option for your own home search, know it could help you on your homeownership journey and provide you with other incredible benefits along the way.

Living with Loved Ones Could Help You Achieve Your Homeownership Goals

There are several reasons people choose to live in a multigenerational household, and for many, the arrangement is personal. But according to the Pew Research Center, the top reason people choose to live together today is financial.

recent study from Freddie Mac also finds more people are choosing to buy a home together so they can save money in the home-buying process. As the study says:

“. . . an increasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.

For these individuals, combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own.

Other Key Benefits of Multigenerational Living

Not to mention, living in a home with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor for CNBC.comexplains how this living arrangement can help on a personal and financial level:

“Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.

If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.

Bottom Line "There Is A Realtor For That"

If you’re ready to buy or sell a home Charles Stallions with over 27 years of

experience will give you expert advice on your specific situation.

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Comments (5)

Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing a topic which not usually talked about but its a reality!!!

Combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own.

Nov 21, 2022 04:16 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Charles,
As home prices and rents go up, multi-generational living will probably continue to grow in popularity.

Nov 21, 2022 05:13 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed reading your post this morning, TY Happy Monday, a short week this week, Happy Thanksgiving to you and your family. Bill. 

Nov 21, 2022 05:32 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed reading your post this morning, TY Happy Monday, a short week this week, Happy Thanksgiving to you and your family. Bill. 

Nov 21, 2022 05:33 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Nov 21, 2022 07:09 AM