Many of us, particularly those of us who were caring for loved ones, asked ourselves and others what it meant to have a home during the pandemic.
This can be seen in modern times in the recent surge in the number of homes that include multiple generations.
The following is a quote from Jessica Lautz, who is the Deputy Chief Economist at the National Association of Realtors (NAR) and the Vice President of Economic Research at the NAR:
"Multi-generational buying" refers to the practice of purchasing a home that is occupied by multiple families at the same time, possibly including aging parents, adult children who have returned home, or other members of the extended family.
Although while this way of life has been around for a while, it has become increasingly mainstream in recent years.
And according to the Wall Street Journal (WSJ), which cites research from the Pew Research Center:
"... living with several generations has had a resurgence in popularity over the past few years, particularly after the economic crisis of 2008 and during the pandemic."
Hence, if the idea of purchasing a home that can accommodate multiple generations has ever crossed your mind, you aren't the only one. There are various reasons why it might be the best option for you at this point in your home ownership journey, depending on which stage you are now in. The results of a recent poll conducted by the NAR on the subject of the motivations behind people's decisions to purchase homes with space for multiple generations are presented in the following chart:
There are a number of benefits that come along with owning a home that can accommodate multiple generations, and these benefits might be related to finances or to the people who will live in the house with you. It may make owning a home more inexpensive, and it may assist you in providing the most optimal support for your loved ones.
As Lautz explains:
"Buying a property as a multi-generational family is a great way for families to look out for one another, provide support for one another, and frequently purchase a home that may have been out of their price range in the past."
It would appear that the practice of buying across generations has become widespread, and this phenomenon has the potential to continue to grow in the years to come.
Bottom Line
If you are getting ready to buy a house, you should think about the advantages of purchasing a property that can accommodate multiple generations. Consult with a real estate professional in your region to learn more about the available possibilities.
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