Could a Multigenerational Home Be the Right Fit for You?
During the pandemic, the definition of home became a subject of contemplation for many, both for themselves and their loved ones. This shift is evident in the recent surge of multigenerational households. According to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR):
"Multi-generational buying refers to a home where families live together with elderly parents, children who have returned home, or other extended family members. While not a novel concept, it has gained popularity recently."
Additionally, the Wall Street Journal (WSJ), citing data from Pew Research Center, reports that:
"...multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic."
If the idea of buying a multigenerational home has crossed your mind, know that you are not alone. Depending on your stage of homeownership, there are various reasons why it might be the right fit. A recent survey conducted by NAR revealed responses regarding the reasons people have chosen to buy a multi-generational home.
Whether your motivations are financial or centered around living with your loved ones, a multigenerational home offers unique advantages. It can make homeownership more affordable and enable you to provide the best support to your family members. As Lautz explains:
"Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach... The trend of multigenerational buying appears to be firmly established and one that could expand in the future."
Bottom Line
If you are prepared to buy a house, it may be worthwhile to explore the opportunities of a multigenerational home.
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