The Top Benefits to Buying a Multi-Generational Home

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):

First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big dream home with more space could be more within reach.

But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios explains:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”

Lean on an Expert

Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It’s like solving a puzzle, and the pieces need to fit just right.

So if you’re interested in the many benefits multi-generational living offers, partner with a local real estate agent who has the expertise to help.

Bottom Line

Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, connect with a local real estate agent.

Anna Price

As the Director of Operations and Co-Leader of The Price Group, she has worked alongside her Mom Natalya Price since the very beginning. Anna is a woman of character and purpose, that is very apparent in her actions. She has a high-profile background in digital marketing and has trained over 500 real estate agents on how to best market and build their businesses. She believes success is an art form. Anna’s tenacity, perseverance and passion for real estate has made her highly respected among real estate professionals and adored by her clients. She is known for her gentle yet firm, assertive but not aggressive, and unyielding tenacious advocate for the relentless pursuit of her client’s real estate goals. Anna treasures working with clients from a variety of backgrounds and helping them achieve their real estate objectives. She truly appreciates the hard work that it takes to build a life of value and achievement, always seeking excellence. When Anna is not out in the field, you can catch her coming up with a new recipe, blogging on The Price Opinion, planning her next big trip around the world, staying current with the latest technology and striving to find the perfect cup of coffee. Anna resides in Summit with her loving family.

https://www.annapricemarketing.com
Previous
Previous

Will a “Silver Tsunami” Change the 2024 Housing Market?

Next
Next

Avoid These Common Mistakes After Applying for a Mortgage