Even four years later, the real estate market is still dealing with the repercussions of the pandemic. Factors like low inventory and unaffordable housing are leaving many buyers discouraged and wondering what other options might be available.
Multigenerational living used to be the typical arrangement for large families until it simmered out, but now it’s back on the rise. According to Pew Research Center, the number of people living in multigenerational homes quadrupled from 1971 to 2021, with almost 60 million people living under one roof.
While some reasons for this sudden increase are the stronger relationships and emotional support multigenerational living provides, it’s also largely due to financial and economic factors.
Financial Savings & Stability
Purchasing a multigenerational home is no small feat, but sharing its expenses can help you save money in the long run. Down payments and monthly mortgage payments are often significant costs that can consume a lot of your savings, but utilities, groceries, and other household expenses can add up. Multigenerational living allows you to pool your resources and make sure everyone is covering their fair share, making it more affordable for everyone involved.
Built-In Childcare
Childcare is becoming increasingly expensive, especially for parents with multiple children. Many parents need to work longer hours, which takes time away from their children, or they might choose to have one parent stay home to watch the children instead of work, both of which are less-than-ideal options.
Living with retired family members, parents can lean on them for childcare and avoid having to pay for it. This allows parents to save money, focus on their careers, and spend more time with their children when the workday is done.
Eldercare Costs
Multigenerational living allows older family members to age in place and eliminates the need for assisted living facilities. Aging in place gives older family members more independence and more time spent with their loved ones. In addition, having family members be able to care for their older family members means taking away the financial burden of paying for assisted living facilities.
If you’re struggling to find a home in the current market or think multigenerational living might be a good option for you, reach out to us! We would love to answer any questions you might have and help you determine the best course of action.
