The ins and outs of Multi-Generational Housing

August 5, 2019 12:00 am

Family laughing at something on an iPadBy definition, “multi-generational housing” means more than one generation living under the same roof. Elderly parents living with grown children and adult children residing with their parents are just two of the various examples of multi-generational housing.

According to the 2019 Home Buyer and Seller Generational Trends report from the National Association of REALTORS®(NAR), multi-generational housing is a growing homebuying trend driven largely by members of Generation X. The report states that one in six Gen Xers purchased a multi-generational home, with more than half of them citing a need to accommodate adult children as the reason for their home selection. The report also revealed that nine percent of older millennial buyers purchased multi-generational housing that could be shared with aging parents.

When searching for multi-generational housing, it is important to consider how a home will fit your specific situation. Homes that were built for multi-generational living are ideal. Many homes feature separate spaces such as finished basement apartments, in-law suites or separate guest homes. These spaces provide optimal convenience and comfort for different generations seeking to enjoy their own space in the home. It’s important to know that some homes may not be custom-built for multi-generational living, but they can be easily converted. A great place to start is a home with a downstairs master bedroom or a basement that could be finished.

If you are interested in purchasing a multi-generational home, I would love to discuss your financing options and refer you to one of my trusted real estate partners. Call me today!