Estate market’s latest trend! Multigenerational living. So what is multigenerational living? Hi, I’m Krista Mashore with Homes By Krista and eXp Realty. In simple terms, multigenerational living is a household made up of three or more generations living together under one roof.
According to a recent study from Freddie Mac, “An increasing percentage of young adult first-time home buyers are relying on support from older generations, including their parents, to buy a home together.”Today, up to 41 percent of Americans purchasing a home consider this option, especially in higher-priced markets.
So what are some benefits of choosing this type of household? Living with loved ones can help achieve homeownership goals more quickly by pooling their finances together and sharing in the expenses of owning a home. Another key benefit is shared caregiving duties such as helping with child care inside of the home vs. out-of-home daycare or assisting elderly family members who rely on support with day-to-day activities.
But most importantly, it allows the family to remain connected and spend more time with each other to build relationships. Now, of course, this latest trend is not for everyone. Living with extended family can also create some challenges.
It’s important to remember that multigenerational living requires a certain level of flexibility, understanding, and open communication. It can be difficult to balance the needs and expectations of multiple generations under one roof, and it’s important to establish ground rules and boundaries to ensure that everyone’s needs are being met. It’s also important to consider the size of the home and whether it can accommodate the needs of everyone in the household.
One potential solution to these challenges is to consider a multi-unit property, such as a duplex or triplex, which can provide separate living spaces for each generation while still allowing for close proximity and support. This can also be a great investment opportunity, as the additional units can be rented out to generate additional income.
In addition to these practical considerations, it’s important to remember the emotional aspect of multigenerational living. It can be a wonderful way to strengthen family bonds and provide support and assistance to loved ones, but it can also be emotionally taxing if conflicts arise. It’s important to have open and honest communication to address any issues that may come up and to seek outside support, such as therapy or mediation, if necessary.
Overall, multigenerational living can be a great option for many families, but it’s important to carefully consider all of the factors involved and to be prepared for the challenges that may arise. If done right, it can be a wonderful way to build stronger relationships and provide support to loved ones while achieving homeownership goals.
One important factor to consider when considering multigenerational living is the financial aspect. Pooling resources and sharing expenses can certainly help families achieve homeownership goals more quickly, but it’s important to have a clear understanding of each person’s financial contribution and expectations. It may be helpful to have a formal agreement in place to ensure that everyone is on the same page and to avoid misunderstandings or conflicts down the road.
It’s also important to consider the physical layout and design of the home. If the home is not designed with multigenerational living in mind, it may be necessary to make renovations or modifications to make it more suitable for the needs of everyone in the household. This could include adding additional bedrooms or bathrooms, or creating separate living spaces for each generation.
Another factor to consider is the impact on the family dynamic. Living with extended family can be a great way to strengthen relationships and provide support, but it can also create challenges. It’s important to have open and honest communication to address any issues that may come up, and to establish ground rules and boundaries to ensure that everyone’s needs are being met. It may also be helpful to schedule regular family meetings to discuss any concerns or issues that may arise.
Finally, it’s important to consider the potential long-term implications of multigenerational living. While it may be a great solution for a specific period of time, it’s important to have a plan in place for the future in case circumstances change. This could include establishing a timeline for when each generation will transition out of the household, or establishing a plan for the eventual sale of the home.
Overall, multigenerational living can be a great option for many families, but it’s important to carefully consider all of the factors involved and to be prepared for the challenges that may arise. With careful planning and open communication, it can be a wonderful way to build stronger relationships and provide support to loved ones while achieving homeownership goals.
If you need more information on the market and are considering selling or buying, please reach out to me and my team to connect.