Friday, March 10, 2023 / by Va Marketing
Could a Multigenerational Home Be the Right Fit for You?
Several of us reexamined what home meant to us and to our loved ones throughout the pandemic. Today, the recent increase in multigenerational households is evidence of it. According to Jessica Lautz, the National Association of Realtors' (NAR) deputy chief economist and vice president of economic research:
"Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”
The Wall Street Journal (WSJ), citing research from the Pew Research Center, further states:
“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”
So you're not alone if the thought of purchasing a multigenerational property has crossed your mind. There are various reasons it might be the ideal fit for you, depending on what stage of homeownership you're in. The following graph displays responses to a recent NAR study about the causes behind multigenerational house purchases:
A multigenerational house has many benefits, regardless of your motivations—whether they are purely financial or centered on the people you'll be living with there. It may lower the cost of homeownership and enable you to provide for your loved ones more effectively. According to Lautz:
“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”
To sum up
If you're prepared to purchase a home, think about the advantages of a multigenerational home. Let's talk so you may look at your options in our region.