More People Are Finding the Benefits of Multigenerational Households Today
December 1st, 2022,
by Lisa Marie Boyd, Managing Principal Broker/Owner
If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines 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 your homeownership journey and 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 the Pew Research Center, the top reason people choose to live together today is financial.
A recent study from Freddie Mac also finds more people are choosing to buy a home together so they can save money in the homebuying process. As the study says:
“. . . an increasing 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 couldn’t 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. Residing with relatives can offer advantages, such as pooling multiple streams of income. And in households with young children, grandparents can pitch in with childcare.
If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. A Town & Country Broker 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. For the best information and help to decide what’s right for your personal situation, connect with a Town & Country Realty Broker and start the conversation today. Call us today at 541-757-1781 in Corvallis and 541-924-5616 in Albany.
Source: Keeping Current Matters. Disclaimer: The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.