Today, 17% of homebuyers are choosing multi-generational homes—a setup where you share a house with your parents, adult children, or even extended relatives. What makes this trend stand out is that it’s the highest level ever recorded by the National Association of Realtors (NAR). But what’s fueling the growing popularity of multi-generational living?
Why Multi-Generational Homes Are on the Rise
Historically, families often chose multi-generational living to make caring for aging parents easier. While that’s still an important factor, there’s a newer, more pressing driver today: affordability.
The rising costs of homeownership have created financial hurdles for many prospective buyers. To overcome these challenges, more families are teaming up to pool their resources and purchase homes together. By sharing costs—from the mortgage to utilities and other expenses—multi-generational households can make homeownership achievable even in today’s challenging market.
Financial Benefits of Multi-Generational Living
According to data from NAR, cost savings have become the top reason families are turning to multi-generational homes. 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.”
This approach can even help families afford larger or more desirable homes that would have been out of reach on a single income. If you’re feeling constrained by today’s high rates and home prices but need more space, this could be the perfect solution.
Strengthening Family Connections
Beyond the financial perks, living under one roof can also deepen family bonds. Shared living arrangements provide more opportunities for quality time together, which can bring families closer and create lasting memories.
Bottom Line
If you’re exploring your options, a multi-generational home might be the right fit—especially if your budget feels stretched too thin on your own. Let’s connect to discuss your needs and find a home that suits your family’s unique situation.
