Is a Multi-Generational Home Right for You?

Is a Multi-Generational Home Right for You?




Ever thought about living in the same house with your grandparents, parents, or other loved ones? You're not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let's check out why they think it’s a good idea to see if it might be a good fit for you, too.

Why People Are Choosing Multi-Generational Living

According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):

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Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take care of their parents more easily. And 19% did it to spend more time with them. A lot of older adults want to age in place, and living in a home with loved ones can help them do just that. If your parents are hoping to do the same, but need a bit of help, a multi-generational home may be worth considering.

But buying a multi-generational home isn’t just about being close or taking care of the people you love—it can save you money, too. 22% of buyers say they picked a multi-generational home to cut down on costs, and 11% needed a bigger house multiple incomes could afford together.

Sharing costs like the mortgage and utilities can make owning a home more affordable. This is especially helpful for first-time homebuyers who might find it challenging to buy a place on their own in today's market.

As Axios explains:

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

How an Agent Is Key in Finding the Right Home for You

Looking for the perfect multi-generational home is a bit trickier than finding a regular house. You've got more people, which means more opinions and needs to think about. It's kind of like putting together a puzzle where all the pieces need to fit perfectly.

If you're into the idea of living with loved ones and want all the benefits that come with it, team up with a local real estate agent who can help you out.

Bottom Line

Whether you're looking to save money or want to take care of your loved ones, buying a multi-generational home might be a good idea for you. If you want to find out more, let’s talk.

86 Properties
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$785,000
Neighborhood: Port Charlotte Sec 093
3
Beds
2
Baths
1,857
Sq.Ft.
2002
Year Built
1
Day on Site
C7492807
MLS
$800,000
Neighborhood: Punta Gorda Isles Sec 23
3
Beds
2F11/2
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2,567
Sq.Ft.
2019
Year Built
3
Days on Site
C7492744
MLS
Open 5/19
2100 Timucua Trl Nokomis,  FL 34275
$727,500
Neighborhood: Calusa Lakes
3
Beds
2
Baths
2,024
Sq.Ft.
1994
Year Built
4
Days on Site
N6132943
MLS
$659,000
Neighborhood: Punta Gorda Isles Sec 23
3
Beds
2
Baths
2,054
Sq.Ft.
2023
Year Built
5
Days on Site
C7492665
MLS
$575,000
Neighborhood: Venetian Golf & Riv Club Ph 7
3
Beds
2
Baths
2,044
Sq.Ft.
2013
Year Built
5
Days on Site
N6132942
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Open 5/26
8889 Enclave Ct Sarasota,  FL 34238
$1,200,000
Neighborhood: Enclave At Silver Oak
3
Beds
2F11/2
Baths
3,080
Sq.Ft.
2004
Year Built
5
Days on Site
N6132945
MLS
$1,895,000
Neighborhood: Siesta Estates
6
Beds
5F11/2
Baths
3,924
Sq.Ft.
2000
Year Built
6
Days on Site
C7489324
MLS
$599,990
Neighborhood: Kings Xing
3
Beds
2F11/2
Baths
2,359
Sq.Ft.
2002
Year Built
7
Days on Site
C7484269
MLS
$525,000
Neighborhood: Port Charlotte Sec 87
4
Beds
2
Baths
2,339
Sq.Ft.
2016
Year Built
11
Days on Site
C7491967
MLS
$599,000
Neighborhood: Port Charlotte Sec 036
4
Beds
3
Baths
1,940
Sq.Ft.
1961
Year Built
11
Days on Site
C7492092
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$619,900
Neighborhood: Venice Palms Ph 1
3
Beds
2F11/2
Baths
1,894
Sq.Ft.
2005
Year Built
16
Days on Site
D6136399
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$599,900
Neighborhood: Punta Gorda Isles Sec 23
4
Beds
2
Baths
2,196
Sq.Ft.
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Year Built
18
Days on Site
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