If youre thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. ThePew Research Centerdefines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years.
As you consider this option for your own home search, know it could help you on yourhomeownership journeyand provide you with other incredible benefits along the way.
Living with Loved Ones Could Help You Achieve Your Homeownership Goals
There are several reasons people choose to live in a multigenerational household, and for many, the arrangement is a personal one. But according to thePew Research Center, the top reason people choose to live together today is financial.
Arecent studyfromFreddie Macalso finds more people are choosing to buy a home together so they can save money in the homebuying process. As the study says:
. . .anincreasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.
For these individuals, combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldnt on their own.
Other Key Benefits of Multigenerational Living
Not to mention, living in a home with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor forCNBC.com,explainshow this living arrangement can help on apersonaland financial level:
Residing with relatives can offer advantages. . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.
If this sounds like a great option for you, its important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.
Bottom Line
More people are discovering the benefits of multigenerational living today. For the best information and help deciding whats right for your personal situation, connect to a local real estate advisor and start the conversation today.
When you are ready to buy or sell your next homes, please call me, Marie McLaughlin 727-858-7569.
https://www.keepingcurrentmatters.com/2022/11/17/more-people-are-finding-the-benefits-of-multigenerational-households-today/
