Published on: September 25, 2023
BY STEWART CONTENT TEAM
[Update]: This blog was first published on September 9, 2021, and updated on September 25, 2023.
Multigenerational homes are a growing trend in the U.S. In fact, 15% of first-time buyers purchased a multifamily home in 2022 according to the National Association of REALTORS®. While there are many types of multigenerational homes, the most common type is a three-generation household consisting of adults, their children (who may be adults), and aging parents.
More than 59 million people were living in multigenerational family households in March of 2021 and that number continues to climb according to a study by Pew Research. Among adults in multigenerational households, 40% stated that financial issues were their top reason for living with other adult family members and 58% found it convenient.
Why the sudden increase in this type of living arrangement? The COVID-19 pandemic and current housing market has contributed to the growing number of individuals moving into homes with relatives or purchasing homes as multigenerational buyers. However, most of these individuals plan to continue with this type of living arrangement in the future. One of the reasons is because it’s cost effective. Families can share household expenses, family care duties and have greater purchasing power by combining incomes.
Are you thinking about moving into a multigenerational home? Here are some features to consider when creating an ideal living space for all the generations in the home.
Large Common Areas
Separate Laundry Facilities
Private Suites and Entrances
By adding these features to your home wish list and combining your family members’ incomes, you will help your real estate agent find a suitable space that will benefit everyone in your household and give them a bigger budget to work with.
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