Multigenerational Living in 2023

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

Introduction:

So what is multigenerational living? Hi, I’m Jessica with realm real estate. In simple terms, multigenerational living is a household made up of three or more generations living together under one roof.

Multigenerational living. That is what we’re seeing more and more commonly in today's households.

In simple terms, multigenerational living is a household made up of three or more generations living together under one roof. According to a recent study from Freddie Mac, “An increasing percentage of young adult first-time home buyers are relying on support from older generations, including their parents, to buy a home together.” Today, 41 percent of Americans purchasing a home consider this option, especially in higher-priced markets.

So what are some benefits of choosing this type of household? Living with loved ones can help achieve homeownership goals more quickly by pooling their finances together and sharing in the expenses of owning a home. Another key benefit is shared caregiving duties such as helping with child care inside of the home vs. out-of-home daycare, or assisting elderly family members who rely on support with day-to-day activities. But most importantly, it allows the family to stay connected and spend more time with each other and nourish relationships.

We are seeing this so often lately that even home builders are adjusting and building homes with attached “apartment” spaces that include its own entry door, second living rooms and cute kitchenettes! Now, of course this trend is not for everyone!

Living with extended family can also create some challenges. But if your family has been considering this, working with a trusted real estate agent is important.

So if your needs are changing due to more people living with you, let me help you find the perfect home with the space for you and your growing household! Message me, let's chat!

Watch this YouTube video to learn more!