Before 1940, it wasn't uncommon to find three or more generations living in one home. After WWII and the suburban boom, families increasingly became smaller, with just parents and their minor children living together. In recent years, our real estate agents have noticed that multigenerational living is becoming more and more popular. In 2016, nearly 20 percent of the US population's living situation involved multiple generations living under one roof, according to the Pew Research Center. There are several benefits families enjoy when living under one roof. If these benefits speak to your situation, a multigenerational might be a good investment opportunity for your family.

Why Is Multigenerational Living Making A Comeback?

Many families are still getting on their feet after the Great Recession and the rising cost of living. For them, living with multiple generations in one home may make financial sense. Baby Boomers are now growing older and need help. Moving in with their children helps them get the care they need and can save everyone on housing and other costs. Child care is also a factor—many people are now opting to have grandparents take care of their children instead of spending a good chunk of their income paying for outside child care. Also, more adult children are moving back in with their parents after college to pay off debt and get some financial ground under their feet before venturing out on their own.

Emotional Benefits of Multigenerational Living

The benefits of having multiple generations under one roof are many. Children get the opportunity to bond with their parents and grandparents. Family members may find they have more in common than they think, whether it's music, art, movies, sports or other hobbies. Sharing common interests and spending time together can build happy memories that you'll cherish for a lifetime. Not only that, if you're concerned about an elderly parent's health, you won't have to worry about them living alone or being isolated.

Financial Benefits of Multigenerational Living

If you decide that multigenerational living is a good option for you, each adult member of the family who can contribute financially should. For aging parents, paying their share may give them a continued sense of autonomy, even if you're living under one roof. Ensuring that younger adult children contribute as well helps them learn how to budget and understand the cost of living. Those who can't contribute financially can help with other things like cleaning, cooking, shopping, and yard work. Having several adults paying the mortgage, bills, and other expenses can also allow everyone to beef up their savings and take the weight off the shoulders of those who may be struggling financially.

A multifamily unit is an excellent option. That way, people can have their own spaces and share some expenses but remain close. Depending on your specific circumstances, finding an affordable multifamily unit can be a great investment, especially if you have enough space to rent one or two units out.

Want to learn more about the benefits of multigenerational living? Our experienced real estate professionals can help you find the right fit, whether you're looking for a single-family home or investment property. Contact us today to get started.