Why Multi-Generational Homes Are Becoming More Popular

More and more homebuyers are choosing to purchase multi-generational homes – properties shared with parents, adult children, or other relatives. In fact, 17% of homebuyers now opt for multi-generational living, the highest level ever recorded by the National Association of Realtors (NAR). So, what’s driving this trend?

Key Benefits of Multi-Generational Living

Historically, multi-generational homes were chosen to help care for aging parents or other family members. While that remains a significant reason, a new driving factor is shaping the trend: affordability.

1. Affordability in a Challenging Market

The rising costs of homeownership – including higher mortgage rates and home prices – are pushing many families to pool their resources to afford a home. By combining incomes and sharing expenses like mortgages, utilities, and maintenance, multi-generational living becomes a practical way to achieve homeownership.

As Rick Sharga, Founder and CEO of 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.”

2. Access to Larger Homes

Living with extended family may also allow you to afford a bigger home with more space than you could on your own. This is particularly valuable if your family needs more bedrooms, extra living areas, or room for caregiving.

3. Strengthened Family Bonds

Beyond the financial advantages, multi-generational living can bring families closer together. Sharing a home allows for more quality time, creating opportunities to build stronger relationships and foster deeper connections across generations.

Is a Multi-Generational Home Right for You?

If your budget feels stretched thin by today’s market conditions, exploring a multi-generational living arrangement might be a solution. By pooling resources, your family may be able to overcome financial challenges and even enjoy some added benefits, like a larger space and closer family ties.

Bottom Line

Multi-generational homes are becoming increasingly popular as a way to manage the rising costs of homeownership while fostering family connection. If you’re considering this option, partnering with a local real estate agent can help you find the right home that fits your family’s unique needs and budget.