Have you ever considered living in the same house with your grandparents, parents, or other loved ones? You’re not alone. Many people are choosing to buy multi-generational homes where everyone can live together. Is a multi-generational home right for you? Let’s explore why more families are choosing this option.
Why People Are Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):
Two of the top reasons involved aging parents. 27% of buyers chose multi-generational homes so they could take care of their parents more easily. 19% did it to spend more time with them. Many older adults want to age in place, and living in a home with loved ones can help them do just that. If your parents are hoping to do the same but need a bit of help, a multi-generational home may be worth considering.
But buying a multi-generational home isn’t just about being close or caring for the people you love—it can also save you money. 22% of buyers say they picked a multi-generational home to cut down on costs, and 11% needed a bigger house multiple incomes could afford together.
Sharing costs like mortgages and utilities can make owning a home more affordable. This is especially helpful for first-time homebuyers who might find it challenging to buy a place 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).”
How an Agent Is Key in Finding the Right Home for You
Looking for the perfect multi-generational home is trickier than finding a regular house. With more people involved, you must consider more opinions and needs. It’s like assembling a puzzle where all the pieces must fit perfectly.
If you want to live with loved ones and enjoy all the benefits that come with it, reach out. Contact a local real estate agency.
Expert Insight: Why a Multi-Generational Home is Right for You
Whether you’re looking to save money or care for your loved ones. Buying a multi-generational home might be a good idea. To learn more, let’s talk with top-rated realtors in Chicago, Illinois, at KM Realty Group LLC.
