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.

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$1,199,900
Neighborhood: Sorrento Shores
3
Beds
3
Baths
2,932
Sq.Ft.
1989
Year Built
1
Day on Site
N6131393
MLS
Open 2/25
1109 Scherer WAY Osprey,  FL 34229
$729,000
Neighborhood: Rivendell Woodlands
3
Beds
2
Baths
2,125
Sq.Ft.
2002
Year Built
1
Day on Site
A4599840
MLS
$670,000
Neighborhood: Willowbend Ph 2
3
Beds
2
Baths
2,261
Sq.Ft.
2003
Year Built
1
Day on Site
A4599832
MLS
$1,050,000
Neighborhood: Edgewater/Hidden Bay Ph Ii Bld
2
Beds
2F11/2
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1,950
Sq.Ft.
2019
Year Built
1
Day on Site
A4589709
MLS
$1,199,000
Neighborhood: Meridian At The Oaks Preserve
4
Beds
3
Baths
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2000
Year Built
2
Days on Site
A4600762
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$438,880
Neighborhood: Bay Street Village
3
Beds
2
Baths
1,430
Sq.Ft.
2016
Year Built
4
Days on Site
A4600382
MLS
$1,100,000
Neighborhood: Park Trace Estates
5
Beds
4F11/2
Baths
3,420
Sq.Ft.
2003
Year Built
5
Days on Site
A4600014
MLS
$1,200,000
Neighborhood: Rivendell The Woodlands
3
Beds
3
Baths
2,614
Sq.Ft.
2004
Year Built
5
Days on Site
A4596071
MLS
$375,000
Neighborhood: Sarabay Acres
2
Beds
1
Baths
1,163
Sq.Ft.
1960
Year Built
5
Days on Site
A4600249
MLS
$439,900
Neighborhood: Osprey Park 2
3
Beds
1
Baths
1,173
Sq.Ft.
1979
Year Built
7
Days on Site
C7487863
MLS
$4,750,000
Neighborhood: Casey Key
4
Beds
3F11/2
Baths
2,380
Sq.Ft.
1969
Year Built
7
Days on Site
U8231292
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Open 2/25
401 N Point Rd #303 Osprey,  FL 34229
$699,900
Neighborhood: Meridian At The Oaks Preserve
3
Beds
3
Baths
2,203
Sq.Ft.
2003
Year Built
8
Days on Site
A4598819
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