If buying a home feels increasingly out of reach, you're not alone. But you don't have to face this challenge by yourself. More than ever, multigenerational homebuying is emerging as a popular, strategic response to affordability challenges. Instead of struggling alone to purchase a home, families are teaming up, sharing costs, and finding smarter ways to secure their dream homes together.
The Rise of Multigenerational Living
According to recent data from the National Association of Realtors (NAR), a record-breaking 17% of homebuyers in 2024 purchased a home intended for multigenerational living. This isn't just a minor uptick; it's the highest percentage ever recorded, marking a significant shift in how families approach homeownership. This trend indicates a fundamental change, as more families prioritize practical solutions that make homeownership possible despite financial hurdles.
Affordability as the Key Driver
What's fueling this shift? Affordability. Today, a notable 36% of homebuyers report "cost savings" as their main motivation for choosing a multigenerational home, more than double the percentage from just a few years ago. With mortgage rates around 7% and home prices still elevated, pooling resources becomes an attractive solution. By combining incomes, sharing mortgages, and splitting household expenses like utilities and maintenance, multigenerational buyers unlock a powerful strategy for making homeownership attainable, even in challenging economic times.
Generations Joining Forces
It's not just young adults moving back home or parents supporting grown children. Multigenerational living spans many family dynamics. Gen X buyers, aged 44–58, are leading this trend, often balancing the care of aging parents and young adult children simultaneously. According to market experts, these families see multigenerational living as more than a practical solution; it's also about strengthening family ties, fostering mutual support, and creating financial stability that benefits everyone involved.
What Does This Mean for You?
If homeownership currently feels daunting, considering a multigenerational home could provide significant advantages:
- Cost Efficiency: Pool resources to afford a better home than you could manage individually.
- Financial Strength: Improve your borrowing power with combined incomes and shared expenses.
- Family Support: Enjoy built-in caregiving and emotional support within your home.
- Future-Proof Investment: Build generational wealth and stability by investing together as a family.
Explore the Possibilities of Buying Together
Wondering if multigenerational living is the right fit for your family? Let's explore your options together. Connect with me for personalized advice and discover how this strategic approach could bring you closer to owning your dream home. I’m here to help you.
