In recent years, there has been a steady increase in the number of multigenerational homes being built and purchased in the United States. Interestingly, many of these homes are being purchased by younger buyers who see the benefits that these types of homes have to offer. In fact, recent data found that sixteen percent of Gen Xers are purchasing multigenerational homes. In more than half of these cases, buyers report that their decision was based on the fact that their children have either come back home or never left home, to begin with. While this could be a sign of the state of the economy, there are also many benefits to purchasing a multi-generational home.
The Benefits of Purchasing a Multi-Generational Home
For those who are considering buying a multi-generational home, there are many benefits to consider. For example, a multi-generational home allows you to share your expenses and responsibilities with other family members. Clearly, it is less expensive to purchase and maintain one home as opposed to two or three homes. Similarly, with more people sharing responsibilities for caring for the home, each person is saddled with less to do. Distributing chores in an age-appropriate manner ensures everyone does their part when the more physically demanding tasks are placed on the younger generations that are probably better capable of handling it.
Of course, living together in a multi-generational home is also a great way to help strengthen family bonds. With grandparents living in the same homes as their grandchildren, they are able to serve as role models while also giving the children the opportunity to better connect with their elders. At the same time, grandparents feel more engaged in the family and better able to get to know and enjoy their grandchildren. Parents, on the other hand, typically find they have a trusted adult to provide care for the children while they work or perform other functions outside of the home. For all family members, there is an increased sense of security and safety to have each other around.
Generation X Takes on a New Role
Given the benefits of living in a multi-generational home, it really isn’t much of a surprise to learn that Generation X has now surpassed the older generations in terms of who is most likely to purchase a multi-generational home. Of course, according to the National Association of Realtors (NAR), this change is not exactly sudden. In fact, there has been an incremental trend taking place in this direction over the last several years. While younger boomers were initially seen as the “sandwich generation” making the multi-generational home purchases, this shifted in the last two years to Gen Xers. Yet, even Millennial buyers are increasingly going in this direction.
The NAR has also found that multi-generational home buyers do tend to purchase larger homes, with most measuring around 2,100 square feet. This extra space allows everyone in the home to have some privacy while still sharing in responsibilities. In many cases, multiple people are also contributing toward the purchase of the home, with one of the reasons for pooling together their money being that they want to purchase a bigger home with more amenities.