Have you ever thought about living in the same house as your grandparents, parents, or other relatives? If you have, you’re not the only one. Many people are deciding to do this and buy a home where different generations of the family can live together. Let’s explore some reasons why people are choosing this option, and see if it might be a good choice for you too.
Why Buyers Are Opting for Multi-Generational Living
As per the information from the National Association of Realtors (NAR), two main reasons why people are choosing multi-generational homes nowadays are related to cost, as shown in the graph below:
First-time homebuyers are mainly focused on saving money, with 28% stating that cost savings are a key reason for them. By teaming up with others, they can share expenses like mortgage payments and utilities, making it more affordable to own a home. This is especially beneficial for first-time buyers who might find it challenging to afford a home independently in today’s housing market.
Buyers, both first-time (28%) and repeat buyers (18%), are also choosing multi-generational homes to make it easier to afford their ideal home. When everyone contributes and combines their incomes, the possibility of owning a larger dream home becomes more achievable.
However, the decision to live in a multi-generational setting goes beyond financial considerations. According to the same NAR study, 23% of repeat buyers opt for multi-generational living to facilitate the care of an aging parent. Many older adults wish to age in place, and a multi-generational home can support that desire. For older adults, it provides an opportunity to maintain their quality of life while being surrounded by loved ones. As explained by Axios: “Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents.”
Lean on an Expert
Choosing the ideal multi-generational home is not as straightforward as picking a regular house. It’s more like solving a puzzle, considering the diverse opinions and needs of multiple individuals. Each piece needs to fit just right for everyone involved.
If you’re intrigued by the numerous advantages of multi-generational living, it’s advisable to collaborate with a local real estate agent. They possess the knowledge and expertise to assist you in finding a home that suits the unique requirements of a multi-generational household.
Bottom Line
Whether you’re driven by financial considerations or the desire to live with specific people, purchasing a multi-generational home could be a sensible choice for you. If you want to explore this option further, let’s get in touch. Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
by Mottek Group