Embracing Togetherness: Exploring the Appeal of Multigenerational Homes

During the pandemic, many of us reexamined the meaning of home for ourselves and our loved ones. Today, that can be seen in the recent rise in multigenerational householdsAccording 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 buying a multigenerational home has crossed your mind, you aren’t alone. Depending on what stage of homeownership you’re in, there are different reasons it could be the right fit. 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.”

Bottom Line

If you’re ready to buy a house, consider the opportunities of a multigenerational home. Let’s connect so you can explore your options in our area.

1041 Properties
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$369,900
Neighborhood: Port Charlotte Sub 24
4
Beds
2
Baths
1,710
Sq.Ft.
2024
Year Built
1
Day on Site
T3508200
MLS
$80,000
Neighborhood: Port Charlotte Sub 28
3
Beds
3
Baths
3,491
Sq.Ft.
2023
Year Built
1
Day on Site
D6135300
MLS
$359,999
Neighborhood: Port Charlotte Sub 07
3
Beds
2
Baths
1,664
Sq.Ft.
2023
Year Built
1
Day on Site
D6135319
MLS
$379,900
Neighborhood: Port Charlotte Sub 18
3
Beds
2
Baths
1,655
Sq.Ft.
2008
Year Built
1
Day on Site
C7482883
MLS
$239,000
Neighborhood: Port Charlotte Sub 41
2
Beds
2
Baths
912
Sq.Ft.
1980
Year Built
1
Day on Site
C7470041
MLS
$295,000
Neighborhood: Port Charlotte Sub 52
3
Beds
2
Baths
1,319
Sq.Ft.
1978
Year Built
1
Day on Site
A4601652
MLS
$429,000
Neighborhood: Port Charlotte Sub 13
3
Beds
1F11/2
Baths
1,614
Sq.Ft.
1967
Year Built
1
Day on Site
C7488941
MLS
$285,000
Neighborhood: Port Charlotte Sub 55
3
Beds
2
Baths
957
Sq.Ft.
1980
Year Built
1
Day on Site
U8232884
MLS
$285,000
Neighborhood: Port Charlotte Sub 52
3
Beds
2
Baths
1,320
Sq.Ft.
1979
Year Built
1
Day on Site
A4600405
MLS
$415,000
Neighborhood: Port Charlotte Sub 10
3
Beds
2
Baths
1,627
Sq.Ft.
1993
Year Built
1
Day on Site
A4601704
MLS
$369,900
Neighborhood: Port Charlotte Sub 36
4
Beds
2
Baths
1,710
Sq.Ft.
2024
Year Built
2
Days on Site
T3507851
MLS
$395,000
Neighborhood: Port Charlotte 16 Rep 01
3
Beds
2
Baths
1,562
Sq.Ft.
2024
Year Built
2
Days on Site
C7488888
MLS

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