Multi-Generational Homebuying Hits a Record High – Here’s Why (and How It Could Benefit You!)

Are you feeling the squeeze of today's real estate market? Rising home prices and fluctuating mortgage rates can make homeownership seem like a distant dream. But there's a growing trend that's helping families overcome these challenges: multi-generational living. According to the National Association of Realtors (NAR), a record 17% of homebuyers are now purchasing homes to share with parents, adult children, or extended family. What's driving this surge, and could it be the right move for you?

In the past, caregiving was the primary reason families chose to live together. However, affordability has now taken center stage. NAR data reveals that a remarkable 36% of homebuyers in 2024 cited "cost savings" as the main motivation behind purchasing a multi-generational home – a significant jump from just 15% in 2015.

As Rick Sharga, Founder and CEO at CJ Patrick Company, explains, "There are a few ways to improve affordability, at least marginally... purchase a property with a family member — there are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this."

With today’s challenging financial landscape, combining resources and incomes can make homeownership a tangible reality for families who might otherwise struggle to afford it on their own. By sharing expenses like the mortgage, utilities, and property taxes, multi-generational living becomes a practical solution.

The benefits extend beyond just the financial realm. As Chris Berk, VP of Mortgage Insights at Veterans United, points out, "Multigenerational homes are more than a trend: They are a meaningful solution for families looking to care for one another while making the most of their homebuying power."

Pooling resources may even enable you to purchase a larger home than you could qualify for individually. This provides ample space for everyone to live comfortably and maintain a sense of privacy while enjoying the benefits of shared living.

The idea of sharing a home with multiple generations isn't for everyone. It requires open communication, clear expectations, and a willingness to compromise. However, with nearly 3 in 10 (28%) of homebuyers planning to purchase a multi-generational home, it's clearly a trend that's gaining momentum.

If you're feeling overwhelmed by today's real estate market and are intrigued by the possibility of multi-generational living, I'm here to help. Let's connect and explore your options. We can discuss your specific needs, budget, and family dynamics to determine if this strategy would be a good fit for you. I can also provide guidance on finding suitable properties and navigating the financial aspects of buying a multi-generational home.

Contact me today to schedule a consultation and take the first step toward finding the right home for your entire family!