Why Multi-Generational Homes Are Gaining Popularity
The housing market is evolving, and so are the ways families are choosing to live together. According to the National Association of Realtors (NAR), 17% of today’s homebuyers are purchasing multi-generational homes — the highest level ever recorded. But why are so many people opting for this lifestyle?
While caring for aging parents has historically been a key reason, affordability is now the main motivator. Rising home prices and higher interest rates make it challenging for many to purchase a home on their own. Pooling resources with family members helps buyers afford homes that might otherwise be out of reach.
By sharing costs like mortgages and utility bills, families can manage expenses more effectively and even afford larger properties that offer the space they need. As Rick Sharga, Founder and CEO of CJ Patrick Company, puts it:
“There are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”
Beyond saving money, living together can deepen family connections. Multi-generational homes create opportunities for more quality time, shared responsibilities, and stronger bonds between relatives.
If you’re finding it difficult to afford a home on your own, buying a multi-generational property could be a smart solution. Not only does it offer financial advantages, but it also provides an opportunity to live in a space that meets your family’s unique needs.
Bottom Line
Multi-generational homes are a growing trend for good reasons: affordability, shared costs, and the potential for closer family connections. If you’re exploring housing options, let’s talk about how this approach might work for your situation.
Visit YourDwellings.com to learn more or connect with me directly to start the conversation!
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