Generations United: Exploring the Advantages of Multi-Generational Homeownership

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):

First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big dream home with more space could be more within reach.

But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios explains:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents).”

Lean on an Expert

Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It's like solving a puzzle, and the pieces need to fit just right.

So if you're interested in the many benefits multi-generational living offers, partner with a local real estate agent who has the expertise to help.

Bottom Line

Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, let’s connect.

109 Properties
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Open 7/21
593 Crane Prairie WAY Osprey,  FL 34229
$729,000
Neighborhood: Willowbend Ph 4
4
Beds
3
Baths
2,340
Sq.Ft.
2005
Year Built
3
Days on Site
A4617437
MLS
$1,399,999
Neighborhood: Bishops Court At Oaks Preserve
4
Beds
4
Baths
3,541
Sq.Ft.
1997
Year Built
4
Days on Site
G5084149
MLS
$449,900
Neighborhood: Sorrento Shores
3
Beds
2
Baths
1,758
Sq.Ft.
1962
Year Built
4
Days on Site
A4617457
MLS
Open 7/20
280 Hidden Bay Dr #203 Osprey,  FL 34229
3
Beds
2
Baths
1,937
Sq.Ft.
2024
Year Built
5
Days on Site
A4606472
MLS
Open 7/20
280 Hidden Bay Dr #204 Osprey,  FL 34229
3
Beds
2F11/2
Baths
2,166
Sq.Ft.
2024
Year Built
5
Days on Site
A4606470
MLS
Open 7/20
280 Hidden Bay Dr #302 Osprey,  FL 34229
3
Beds
2
Baths
1,937
Sq.Ft.
2024
Year Built
5
Days on Site
A4606463
MLS
Open 7/21
1030 Scherer WAY Osprey,  FL 34229
$925,000
Neighborhood: Rivendell The Woodlands
4
Beds
3
Baths
2,433
Sq.Ft.
2003
Year Built
5
Days on Site
A4617081
MLS
$98,000
Neighborhood: Dry Slips @ Osprey Harbor Village
6
Days on Site
A4617108
MLS
$5,350,000
Neighborhood: Bay Acres - Resub
3
Beds
4F11/2
Baths
4,000
Sq.Ft.
2024
Year Built
6
Days on Site
N6133415
MLS
$429,900
Neighborhood: Bay Acres - Resub
2
Beds
2
Baths
1,346
Sq.Ft.
1963
Year Built
8
Days on Site
A4617047
MLS
Open 7/21
813 Oak Pond Dr Osprey,  FL 34229
$580,000
Neighborhood: Bay Oaks Estates
4
Beds
2
Baths
1,981
Sq.Ft.
1996
Year Built
9
Days on Site
A4616270
MLS
$95,000
Neighborhood: Dry Slips At Bellagio Village
45,244
Sq.Ft. Lot
2006
Year Built
10
Days on Site
A4616812
MLS

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