HUD Articles
Is Multigenerational Housing for You?
March 07, 2023
The pandemic caused many homeowners to reexamine what "home" means to them, which has now given rise to more multigenerational households. Multigenerational buying is where families live in the same home with elderly parents, kids that have moved back home or other extended family. According to the National Association of Realtors, it was gained much popularity in the past 2 years, and they are expected to see that popularity rise even more.
There are different reasons why multigenerational buying could be right for you, depending on what stage of homeownership you are in. First time homebuyers like that they can purchase a larger home using multiple incomes and also that they can save money. Repeat home buyers like being able to care for aging parents in their home, or they are in need of more space after their adult children have moved back home.
The trend of multigenerational households could expand more in the future. If you're in the market to buy, consider the perks of multigenerational buying and call your Realtor to see what options are available.
