Have you ever considered sharing a home with your grandparents, parents, or other relatives? If so, you’re not alone. More and more buyers are opting for multi-generational homes, and there are several compelling reasons why. Let’s explore some of the top benefits of buying a multi-generational home to see if it might be the right choice for you.
Why Buyers Are Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), affordability is one of the primary drivers behind the increasing popularity of multi-generational homes. First-time buyers, in particular, are focused on cost savings, with 28% citing this as a key reason for their choice. By joining forces with other family members, they can share financial responsibilities such as mortgage payments, utilities, and more, making homeownership more attainable. This collaborative approach is especially beneficial for first-time homebuyers struggling to afford a home in today’s competitive market.
Additionally, both first-time (28%) and repeat buyers (18%) are turning to multi-generational homes to realize their dream of owning a larger home. Combining incomes allows them to reach their goal of purchasing a spacious home that might have been out of reach otherwise.
However, it’s not just about financial considerations. The NAR study reveals that 23% of repeat buyers choose multi-generational living to facilitate the care of aging parents. Many older adults wish to age in place, and a multi-generational home can provide the necessary support. It allows them to maintain their quality of life while being surrounded by their loved ones. As Axios explains, “Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
Lean on an Expert
Finding the perfect multi-generational home isn’t as straightforward as shopping for a standard house. There are more people with diverse opinions and needs to consider. It’s like solving a puzzle, and every piece needs to fit just right.
If you’re interested in the benefits of multi-generational living, it’s wise to partner with a local real estate agent who possesses the expertise to help you navigate this unique real estate market.
Bottom Line
Whether your motivation is financial or revolves around the desire to share your home with loved ones, buying a multi-generational home can be a sensible choice. If you’re intrigued and want to learn more about this housing option, don’t hesitate to connect with us. We’re here to help you explore the possibilities of multi-generational living and find the perfect home for your unique needs.