Why More People Are Buying Multi-Generational Homes Today

Why More People Are Buying Multi-Generational Homes Today

Currently, 17% of homebuyers are opting for multi-generational homes—shared living spaces with parents, adult children, or even extended family. According to the National Association of Realtors (NAR), this is the highest level ever recorded. So, what’s behind the growing trend of multi-generational living?

Top Benefits of Choosing a Multi-Generational Home

In the past, many buyers chose multi-generational homes to help care for aging parents. While that remains a key factor, affordability has become an even stronger motivator.

According to recent data from NAR, cost savings are now the primary reason families are choosing to live together. Rising homeownership costs have made it challenging for individuals to afford homes on their own, leading more families to pool resources.

By combining incomes and sharing expenses like mortgages and utilities, multi-generational living provides a way to overcome financial hurdles that might otherwise make homeownership unattainable. As Rick Sharga, Founder and CEO of CJ Patrick Company, explains:

“There are a few ways to improve affordability, at least marginally. . . purchase a property with a family member — there are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”

It might even allow you to afford a larger home than you could on your own. If you’re looking for more space but find today’s rates and prices challenging, this could be a way to get the room you need. 

Beyond the financial perks, multi-generational living can also bring your family closer, offering more opportunities to strengthen bonds and spend quality time together.

Bottom Line

If you’re thinking about moving, a multi-generational home could be a great option—especially if your budget feels tight.  

Let’s connect to discuss your needs and find a home that suits your family’s unique situation.