Have you ever thought about living under one roof with your close family members, like your parents, grandparents, or other relatives? You’re certainly not alone in this. An increasing number of people are choosing to buy homes that can accommodate multiple generations. Let’s dive into why this might be a great option for you as well.
The Growing Trend of Multi-Generational Homes
The National Association of Realtors (NAR) highlights affordability as a primary driver for the rise in multi-generational housing (refer to the graph below):
For many first-time homeowners, the appeal is largely financial – 28% cited cost savings as their main reason. Combining financial resources means shared expenses, from the mortgage to utility bills, making homeownership in the Triangle area more attainable, especially in today’s competitive market.
Furthermore, both new and experienced buyers are looking at multi-generational living as a pathway to their dream homes. A significant percentage of first-time (28%) and repeat (18%) buyers have expressed that living with family members enabled them to purchase larger properties. This collective approach to finances makes even the most spacious Raleigh dream homes accessible.
Beyond the financial benefits, multi-generational living also addresses caregiving needs. According to NAR, 23% of repeat buyers opted for a multi-generational home to better care for elderly family members, facilitating aging in place in a supportive family environment. As Axios notes:
Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
Seeking Professional Guidance
Navigating the multi-generational housing market is a bit more complex than the traditional home-buying process, with more preferences and requirements to balance. It’s akin to piecing together a complex puzzle.
If the numerous benefits of multi-generational living appeal to you, collaborating with a knowledgeable local real estate team like Linda Craft Team Realtors is crucial. We can provide the guidance needed to find a home that suits everyone’s needs.
Bottom Line
Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, contact Linda Craft Team Realtors.