More People Are Finding the Benefits of Multigenerational Households Today

Multigenerational living may be for you if you're thinking of buying a house and relocating with your siblings, parents, or grandparents. A multigenerational household is one that has two or more adult generations, according to the Pew Research Center. And more people than ever before have chosen to live in multigenerational households over the past 50 years.

While you think over this choice for your own home search, keep in mind that it could assist you in becoming a homeowner and offer you other wonderful advantages along the route.

Living with Loved Ones Could Help You Achieve Your Homeownership Goals

There are many reasons why people opt to live with many generations, and for many, the situation is personal. Nonetheless, the Pew Research Center reports that money is the main factor in people's decision to cohabitate today. According to a new Freddie Mac report, more people are choosing to buy a house together in order to save money on the transaction. The study claims:

“. . . an increasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.”

These people may be able to fulfill their desire to purchase and own a home by pooling their finances. They could be able to afford a home they couldn't otherwise by combining their wages to make that purchase.

Other Key Benefits of Multigenerational Living

Not to mention, sharing a house with loved ones might offer additional advantages, such as allowing you to spend more time together. As CNBC.com's Markets Editor and a Certified Financial Planner, Darla Mercado explains, this type of living situation can be advantageous from both a personal and financial standpoint.

“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, it’s 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. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.