What Is a Multigenerational Home?
The Pew Research Center defines a multigenerational household as a home with two or more adult generations. In addition, they include families with grandparents and grandchildren under the age of 25. As you weigh your options and decide if multigenerational living is right for you, here’s some helpful information highlighted by other homeowners living with additional loved ones.
The Benefits of Multigenerational Living
A recent report from Generations United surveyed individuals living in a multigenerational setting and asked them about the key benefits of this housing arrangement. It says:
“Nearly all Americans who live in a multigenerational household (98%) feel their household functions successfully, citing various aspects of home design, family relationships and interactions, and supports and services influencing their success.”
The study identifies some of the top benefits of this lifestyle as an improved financial situation, better mental and physical health, strengthening bonds with loved ones, and more (see chart below):
Those are just some of why most people who decide to live in this situation find it worthwhile. As Donna Butts, Executive Director at Generations United, says:
“Families may come together from need, but they are staying together by choice. Indeed, more than 7 in 10 (72 percent) of those currently living in a multigenerational household plan to continue doing so long-term.”
With More Adults Living Under One Roof, You May Need More Space
If you decide to look for a multigenerational home, it’s essential to understand what everyone will need to make the arrangement work to its fullest. For example, something that often makes the top of the list for homeowners living with multiple generations is additional space for privacy. This could mean more bedrooms and bathrooms or features like an in-law suite or a basement.
If you realize your current house doesn’t provide the room you need for multigenerational living; an expert real estate advisor can help you navigate the process to find the right home that works for you and your loved ones.
Bottom Line
Living in a multigenerational household has real and impactful benefits. If you’re interested in learning more about these options in our local area, let’s connect so you can find a home that fits your changing needs.