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Why a Multi-Generational Home Might Be Right For You

A picture of a multi-generational family sitting on a couch

If you’ve ever considered sharing a home with your grandparents, parents, or other loved ones? You’re not alone. More and more people are opting to buy multi-generational homes—where everyone can live together under one roof. Let’s discuss why this is a growing trend and see if it might be the right fit for you.

Why People Are Choosing Multi-Generational Living

According to the National Association of Realtors (NAR), there are several compelling reasons buyers are choosing multi-generational homes:

Statistics: Reasons For Purchasing a Multi-Generational Home

1. Health and Caretaking of Aging Parents: The most common reason, cited by 27% of respondents, is the desire to provide better care for aging parents. Living together makes it easier to look after elderly family members and ensure they receive the attention and care they need.

2. Cost Savings: Saving money is another major factor, with 22% of buyers mentioning it as a key reason for choosing a multi-generational home. Sharing the costs of a home, such as the mortgage and utilities, can make homeownership more affordable for everyone involved.

3. Spending More Time with Aging Parents: 19% of buyers wanted to spend more quality time with their aging parents. Multi-generational living allows families to strengthen their bonds and create those lasting memories together.

4. Affordability of a Larger Home: For 11% of respondents, the motivation was to afford a larger home that multiple incomes could support. Combining resources makes it possible to buy a more spacious property than would be affordable individually.

The Financial and Emotional Benefits

Living in a multi-generational home offers numerous benefits beyond just financial savings. It can provide a sense of security and companionship for all family members. For older adults who prefer to age in place, having family nearby can significantly improve their quality of life.

Finding the Right Multi-Generational Homes

Searching for a multi-generational home involves considering the needs and preferences of more people, which can make the process a bit more complex. This is where the expertise of a local real estate agent becomes invaluable. An agent can help you navigate the market and find a home that meets the unique needs of your entire family.

Bottom Line

Whether you're looking to save money, provide better care for your loved ones, or simply spend more time together, buying a multi-generational home could be a great solution for you. 

If this is a home strategy you are considering in the greater Charleston area, feel free to reach out. No pressure or commitment–just a chat. 


Call/Text: 843-469-6825

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