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Advantages of multigenerational households.

Friday, November 18, 2022   /   by Laura Larson

Advantages of multigenerational households.

If you're thinking of buying a house and relocating with your siblings, parents, or grandparents, multigenerational living may be for you. A multigenerational household is one that has two or more adult generations, according to the Pew Research Center. And more people than ever before have chosen to live in multigenerational households. As you consider this option in your own home search, keep in mind that it would allow you to become a homeowner and offer you other wonderful advantages along the way.

Your homeownership goals may be easier to achieve if you live with loved ones.
There are many reasons why people opt to live with many generations, and for many, the situation is personal. However, the Pew Research Center reports that money is the main factor in people's decision to cohabitate today. According to a new Freddie Mac report, more people are choosing to buy a house together in order to save money on the transaction. The study states that: “... an increasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.”

These people may be able to fulfill their desire to purchase and own a home by pooling their finances. They could be able to afford a home they couldn't otherwise by combining their wages to make that purchase.

Several additional advantages of multigenerational living
Not to mention, sharing a house with loved ones might offer additional advantages, such as allowing you to spend more time together. As CNBC Communications Markets Editor and Certified Financial Planner, Darla Mercado explains, this type of living situation can be advantageous from both a personal and financial standpoint. “Residing with relatives can offer advantages ... you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.”

If you think this would be a wonderful alternative for you, it's crucial to talk about your needs with Laura Larson. Laura can guide you through the process of locating the ideal residence for you and your loved ones.

Bottom Line
Today, more people are becoming aware of the advantages of multigenerational living. Connect with Laura Larson right away to start the conversation if you want the most accurate facts and assistance in choosing the best course of action for your unique circumstances.