In today's crazy world where housing is getting more and more expensive, a lot of folks are struggling to find a way to buy a home. But guess what? There's this cool trend called multi-generational living that's been catching on, and it's kind of a game-changer for those wanting to own a home.

Have you ever considered multi-generational living? It's when two or more adult generations decide to live together, all under one roof. It could be siblings, parents, or even grandparents. Let's dive into why more and more people are choosing this option these days. It might just be the right choice for you too!

Reasons To Buy a Multi-Generational Home

So get this, a study just came out from the National Association of Realtors (you know, NAR) and they found that the main two reasons why people are choosing multi-generational homes these days all come down to money. Yep, affordability is the name of the game!

Cost Savings: Did you know that almost 30% of people who are buying their first home and about 11% of those who have bought before are considering getting a multi-generational home? They're doing this to save money. By teaming up with family members and pooling their resources, they can split the costs of owning a home, like mortgage payments, utilities, property taxes, and maintenance. This is a great way to make homeownership more affordable, especially for first-time buyers who might be struggling to afford a home on their own in today's market.

More Space: Guess what? Another 28% of first-time buyers and 18% of repeat buyers are on the hunt for a bigger home that they couldn't afford all by themselves. And you know what's interesting? Some of these repeat buyers have chosen this path because they find themselves in a unique situation. They're not only taking care of their aging parents but also welcoming back their young adults who've returned home. So, to make it work and be able to afford that dreamy spacious house, everyone is pitching in and combining their incomes. Triangle Business Journal explains it perfectly!

““Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.””

— Triangle Business Journal

Lean on an Expert

If you’re into this too, why not team up with a local real estate agent? Looking for the perfect multi-generational home ain't as easy as just shopping for a regular house. And that's because you got more folks with more opinions and needs to take into account.

When it comes to finding a home that suits everyone's needs, it's important to have your own space, find time for quality family moments, and consider the needs of older relatives. It's like putting together a puzzle where every piece needs to fit perfectly. That's where your real estate agent comes in! They have the knowledge and experience to help you find a home that meets everyone's requirements while staying within your budget. MoneyGeek.com says it best: working with a realtor is the key to finding a comfortable home that suits the whole family without breaking the bank.

““Having a good multigenerational property can improve the prospects of success when living with loved ones. A multigenerational home should fit the specific needs of most family members regardless of age or health. Speaking to a real-estate agent can help you gain clarity and locate a fit.”
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— MoneyGeek.com

Bottom Line

Looking to tackle the affordability challenges of today? Consider buying a multi-generational home! It's a smart move that allows you to team up with your loved ones and share expenses, making homeownership more attainable. If this sounds like the right option for you, let's connect and find the perfect home together! The dream of owning a home is within reach.