Multi-generational living in Chicago is on the rise. According to the National Association of Realtors (NAR), 17% of homebuyers purchase multi-generational homes to share with parents, adult children, or extended family. That’s the highest share ever recorded by NAR (see graph below):
And what’s behind the increase in multi-generational homes Chicago families are buying? Affordability.
NAR explains:
“In 2024, a notable 36% of homebuyers cited “cost savings” as the primary reason for purchasing a multigenerational home—a significant increase from just 15% in 2015.”
In the past, caregiving was the leading motivator, especially for those looking to support aging parents. And while that’s still important, affordability is now the #1 motivator.
And with current market conditions, that’s not a surprise.
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Pooling Resources Can Help Make Homeownership Possible
With today’s home prices and mortgage rates, it can be hard for people to afford a home on their own. That’s why more families are teaming up and pooling their resources to buy family homes.
By combining incomes and sharing expenses, such as mortgage payments, utility bills, and more, multi-generational living in Chicago offers a way to overcome financial challenges that might otherwise put homeownership out of reach.
As Rick Sharga, Founder and CEO at 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.”
However, this strategy doesn’t just improve affordability.
It may even allow you to get a larger home than you’d qualify for on your own, which gives everyone a bit more breathing room.
As Chris Berk, VP of Mortgage Insights at Veterans United, explains:
“Multigenerational homes are more than a trend: They are a meaningful solution for families looking to care for one another while making the most of their homebuying power.”
And momentum may be growing. Nearly 3 in 10 (28%) of homebuyers say they’re planning to purchase a multi-generational home.
Maybe it’s a solution that would make sense for you, too. The best way to find out?
Talk to a local real estate agent who can help you decide if multi-generational homes, which buyers prefer, are the right fit for your family.
Is Multi-Generational Living Right for You?
If your budget feels tight, buying a multi-generational home in Chicago could be a smart solution for families.
Would you ever consider buying a home with a family member as a co-owner? Why or why not?
Let’s connect to talk through your options.
