Is a Multi-Generational Home Right for You?

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. Let’s find out why they think it’s a good idea and see if it might be a good fit for you, too.

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):

Reasons for Purchasing a Multi-Gnerational Home - KM Realty Group LLC Chicago

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, and 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. You’ve got more people, which means more opinions and needs to be considered. It’s like assembling a puzzle where all the pieces must fit perfectly.

If you’re interested in living with loved ones and want all the benefits that come with it, contact a local real estate agency in Chicago, IL.

Bottom Line

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.