Multigenerational living was once seen as a temporary option to try and save funds to purchase a home, however, many people are noticing that it is becoming more common as a long-term living solution. Before we dive into the “why” you may be wondering what multigenerational living is. To put it simply, this is when there are more than two adults living within the home, each from a different generation. For example: an adult daughter and her mother, etc.
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There are two common reasons that many people will generally consider multigenerational living:
- Caregiving purposes – adult children will often move their parents into their home, or move in with their parents once they require some level of assisted living
- Child Care – Due to increasing childcare costs, bringing in grandparents to assist with childcare inside the home is a huge contributing factor in today’s scenario’s
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So, why the influx in multigenerational living?
There’s no easy way to say it, real estate is expensive! Many people argue that owning a home in today’s market is far more difficult than generations past. With the top two scenarios in play, a few added options are thrown in the mix which are contributing to the in multigenerational living:
- Affordability – With housing prices continuing to increase, many homeowners are choosing this living style to help them afford both their mortgage as well as day-to-day living expenses and enjoy a more financial free lifestyle.
- Two-Income Household – Unlike in past generations, many homes now require two incomes in order to pay the basic bills, due to this, the need for childcare has grown exponentially which has drawn even more attention to the option to have grandparents move in to assist with childcare needs.
- Family Time – As the pandemic swept the globe, many people wanted to take time to focus on family and keep their loved ones close. The easiest way to do so is simply by all living under the same roof.
- Savings – Moving back in with mom and dad is often the easiest way for homeowner hopefuls to diligently save up for a down payment, and with housing prices increasing, many first-time buyers are trying to save as fast as possible before the market continues to climb.
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If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding New York Real Estate, please feel free to contact our office at any time.