More People Are Finding the Benefits of Multigenerational Households Today

If you want to buy a house and live with your siblings, parents, or grandparents, multigenerational living may be for you. A multigenerational household is one with two or more adult generations, according to the Pew Research Center. Over the last 50 years, the number of people choosing multigenerational living has increased.

As you consider this option for your own home search, keep in mind that it could help you on your way to homeownership while also providing you with other incredible benefits.

Living with loved ones may assist you in achieving your home ownership goals.
There are many reasons why people choose to live in a multigenerational household, and for many, it is a personal choice. However, the top reason people choose to live together today, according to the Pew Research Center, is financial.

According to a recent Freddie Mac study, more people are choosing to buy a home together in order to save money on the homebuying process. According to the study:

“. . . 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 people, pooling their resources can help them realize their dream of purchasing and owning a home. They may be able to afford a home they couldn't afford on their own if they pool their incomes.

Other Key Benefits of Multigenerational Living

Not to mention, living in a home with loved ones can provide additional benefits such as more quality time spent together. Darla Mercado, Certified Financial Planner and Markets Editor explains how this living arrangement can benefit both personally and financially:

“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 good option for you, consult with a trusted real estate professional to go over your options. They can assist you in navigating the process of finding the right home for you and your family.

Bottom Line
Today, more people are discovering the advantages of multigenerational living. Connect with a local real estate advisor and start the conversation today for the best information and help decide what's best for your personal situation.

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