Did you know that a record-breaking 17% of homebuyers are now opting for multi-generational homes? That means more people are buying houses with their parents, adult children, or even extended family members. But why is this trend growing so quickly? Let’s break it down.
The Biggest Reason: Affordability
Let’s be real—buying a home today isn’t exactly easy. Prices are high, mortgage rates are up, and the cost of living isn’t getting any cheaper. That’s why more families are deciding to pool their resources and buy a home together.
Instead of struggling to qualify for a mortgage alone, family members are teaming up to increase their buying power. Sharing expenses like the mortgage, utilities, and maintenance costs makes homeownership more manageable. As Rick Sharga, Founder and CEO of CJ Patrick Company, puts it:
“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.”
In short, teaming up with family could mean getting a bigger or better home than you could afford on your own. And in today’s market, that’s a huge advantage.
More Than Just Financial Benefits
While saving money is a big factor, it’s not the only reason people are making this move. There are plenty of perks to living with family under one roof, like:
- Built-in childcare: Grandparents can help with the little ones, cutting down on daycare costs.
- Easier caregiving: If aging parents need assistance, having them close by makes things much simpler.
- Stronger family bonds: More quality time together can lead to deeper relationships.
In many cultures, multi-generational living has always been the norm. Now, more American buyers are seeing the benefits, too.
Is a Multi-Generational Home Right for You?
If today’s home prices are making your budget feel tight, buying with family could be a smart move. Not only can it help you afford a home, but it might also give you the space and flexibility you need.
Thinking about your next real estate move? Let’s talk! Call or text us at 855-935-MORE to explore your options and find a home that fits your needs.