Have you ever considered residing in a household with your grandparents, parents, or other cherished family members? You're not alone in this thought. Many individuals are opting for multi-generational homes where everyone can reside under one roof. Let's explore the reasons behind this choice to see if it could be a suitable arrangement for you as well.
Reasons Behind the Growing Popularity of Multi-Generational Living
Based on insights from the National Association of Realtors (NAR), several significant factors influenced buyers to choose multi-generational homes in the previous year.
Two primary reasons were related to aging parents. 27% of buyers opted for multi-generational homes to facilitate easier care for their parents, while 19% did so to spend more quality time with them. Many older adults prefer to age in a familiar environment, and residing with family members can support this desire. If your parents share the same wish but require assistance, a multi-generational home could be a suitable option.
However, purchasing a multi-generational home offers more than just proximity and care for loved ones; it can also lead to financial savings. 22% of buyers selected a multi-generational home to reduce expenses, and 11% needed a larger home that multiple incomes could afford.
Pooling resources like the mortgage and utility payments can enhance the affordability of homeownership. This is particularly advantageous for first-time homebuyers who may face difficulties purchasing a property independently 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).”
The Crucial Role of an Agent in Discovering Your Ideal Home
Searching for the ideal multi-generational home is more complex than finding a regular house. With more individuals involved, there are varied opinions and needs to consider. It's like solving a puzzle where every piece must fit perfectly.
If you envision living with family and enjoying the associated advantages, partnering with a local real estate agent can be immensely beneficial.
In Conclusion
Whether you aim to save money or care for your family members, purchasing a multi-generational home could be a suitable choice for you. To learn more, let's have a conversation.