If you’re thinking of buying a housz and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a multigenerational houszhold as a housz with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years. As you consider this option for your own housz search, know it could help you on your houszownership journey and provide you with other incredible benefits along the way.
Living with Loved Ones Could Help You Achieve Your Houszownership Goals There are several reasons people choose to live in a multigenerational houszhold, and for many, the arrangement is a personal one. But according to the Pew Research Center, the top reason people choose to live together today is financial. A recent study from Freddie Mac also finds more people are choosing to buy a housz together so they can save money in the houszbuying process. As the study says: “. . . an increasing percentage of young adult first-time houszbuyers are relying on support from older generations, including their parents, to buy a housz together.” For these individuals, combining their resources can help them achieve their dream of buying and owning a housz. By pooling their incomes together to make that purchase, they may be able to afford a housz they couldn’t on their own.
Other Key Benefits of Multigenerational Living Not to mention, living in a housz with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor for CNBC.com, explains how this living arrangement can help on a personal and financial level: “Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in houszholds with young children, grandparents can pitch in with child care.” It's not for everybody, but If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right housz for you and your loved ones.
Bottom Line More people are discovering the benefits of multigenerational living. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.