Have you ever thought of living in the same house as your grandparents, parents or other loved ones? You’re not alone. Many people choose multi-family homes where everyone can live together. Let’s take a look at why they think it’s a good idea and how it could help you.
Why do people choose multigenerational living?
According to the National Association of Realtors (NAR), here are some of the top reasons buyers chose multifamily homes last year (see chart below):
Two main causes are related to the aging of parents. 27% of buyers chose multi-generational homes to make it easier for parents to care for their parents. And 19% did so to spend more time with them. Many older adults want to spend their golden years at home, and living at home with loved ones can help them do that. If your parents want to do the same but need help, consider a multi-generational home.
But buying a multigenerational home isn’t just about keeping your loved ones close or taking care of them. It can save you money. 22 percent of buyers said they are choosing multi-generational homes to keep costs down, while 11 percent said they want a larger home that multiple income earners can pay for together.
Splitting costs, such as the mortgage or utilities, can make ownership more affordable. This is especially helpful for first-time home buyers who find it difficult to buy a home on their own in today’s market.
As Axios explains:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
How important is a real estate agent in finding the right home for you?
Finding the perfect multifamily home is a little more difficult than finding an average home. More people means more opinions to think about. It’s like putting together a puzzle where all the pieces fit together.
If you want to live with your loved one and enjoy all the benefits that come with it, work with a local real estate agent who can help.