Many of us reexamined the meaning of home for ourselves and our loved ones during the pandemic. Today, this can be seen in the recent increase in multigenerational households. According to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR):
“Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”
And citing data from Pew Research Center, the Wall Street Journal (WSJ) says:
“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”
So, if the thought of purchasing a multigenerational home has crossed your mind, you are not alone. There are various reasons why it could be the right fit for you depending on your stage of homeownership. The chart below shows responses to a recent survey from NAR about the reasons people have bought a multigenerational home:
Whether your motives are financial or focused on the people you’ll share your home with, a multigenerational home has distinct advantages. It can make homeownership more affordable, and it can help you best support your loved ones. As Lautz explains:
“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”
Consider the advantages of a multigenerational home if you're ready to buy a home. Let's talk so you can look into your options in our area.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Primary Residential Mortgage, Inc and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Primary Residential Mortgage, Inc and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Lautz, Jessica. “All in the Family: Multi-Generational Home Buying.” www.nar.realtor, 6 Feb. 2023, www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying.
Adedoyin, Oyin. “More Parents Are Moving in With Adult Children—at Younger Ages.” WSJ, 22 Feb. 2023, www.wsj.com/articles/more-parents-are-moving-in-with-adult-childrenat-younger-ages-a931f3d7.