In recent times, the COVID-19 pandemic has prompted many individuals to re-evaluate the meaning of home for themselves and their loved ones. As a result, multigenerational households have witnessed a significant increase. Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR), suggests that multigenerational living may involve living in the same house with elderly parents, boomerang children, or other family members. According to the Wall Street Journal, multigenerational living has made a comeback in recent years, especially following the 2008 financial crisis and during the pandemic, as reported by data from the Pew Research Center.
If you’re considering buying a multigenerational home, you’re not alone. The reasons why it might be the right fit vary depending on your stage of homeownership. The chart included in a recent NAR survey highlights the reasons people purchase multigenerational homes, such as for affordability or to better support their loved ones. Multigenerational homes have distinct advantages, and they offer an opportunity for families to care for one another and support one another, often by purchasing a home that may have been previously unattainable.
In conclusion, multigenerational home buying is a trend that has been firmly established and could continue to expand in the future. If you’re ready to purchase a house, exploring the opportunities provided by a multigenerational home may be worth considering. Let’s connect to discuss your options in our area.
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