With changing demographics and family structures, multigenerational homes have become a popular option for many buyers. These properties come with an additional living space within the property that is designed for aging parents, adult children, or extended family members to live together in one space or on the same lot.

Multigenerational homes are growing in popularity due to changing demographics and family structures. According to the Pew Research Center, nearly 64 million Americans lived in a multigenerational household in 2018, representing 20% of the population. This trend is expected to continue to grow as more families look for affordable housing options and provide support and care for aging parents.

The rise can also be attributed to cultural and societal changes. Many immigrants come from cultures or nations where multigenerational living is the norm. Additionally, the high cost of living, increasing healthcare costs, and longer life expectancy have made it more difficult for aging parents to live independently.

If you’re considering purchasing a multigenerational property, here are some pros and cons to consider.

The Pros

• Cost-effective : By sharing living spaces and expenses, you can save on rent, mortgage payments, utilities, and other household expenses. It’s especially beneficial if you have an aging parent who is on a fixed income and needs assistance with daily activities. 
• Provides support and care: You can provide support and care to aging parents or adult children who need assistance with daily activities. It allows for more independence and privacy than living in a nursing home or assisted living facility. 
• Enhances family bonding: Living together in one property provides an opportunity for family bonding and creates a close-knit family structure. It allows for the exchange of skills, knowledge, and experience, which can be passed down from generation to generation. You’ve probably heard the saying “it takes a village to raise a child”–this is your opportunity to live in a tiny village! 
• Increases property value: Having an additional living space can appeal to buyers who are looking for an option to accommodate aging parents or adult children. It may also be used as an additional rental property and source of income, depending on zoning regulations. 
• Flexible living arrangements: You’ll have the flexibility to change living arrangements, as needed. For example, if an adult child moves out, the space can be repurposed for other family members or as a rental unit. 
• Shared caregiving responsibilities: With multiple family members living in one property, caregiving responsibilities can be shared, which can help to ease the burden on one individual. This works for both the old and the young, as well as caring for a variety of needy pets. 
• Reduced isolation: Living in a multigenerational home can help to reduce isolation and loneliness, especially for aging parents or those who may have mobility or health issues. In today’s ever-increasingly digital world, this is proving to be a vital key to happiness, health, and longevity. 

The Cons

• Lack of privacy: Living with extended family members can lead to a lack of privacy and personal space. It is essential to set boundaries and respect each other’s privacy to avoid conflicts. Make sure you find a property with clear boundaries and enough space to promote as much privacy as possible.

• Maintenance and upkeep: Multigenerational properties can be larger and require more maintenance and upkeep, which can be a burden on the homeowner. Make sure you consider the additional cost and effort required to maintain such a property.

• Lifestyle differences: Living together in one property can also create lifestyle differences among family members. For example, younger family members may have different schedules and preferences than aging parents or adult children, which can lead to conflicts. 

• Resale value: While multigenerational properties are in demand, they can also have a lower resale value if they are not marketed and designed correctly. It’s essential to work with a real estate agent, like Isatou, who has experience in selling multigenerational properties to ensure that you get the best value for your property.

• Design challenges: It can be challenging to design a multigenerational home that meets the needs of everyone living in the space, especially if different family members have different lifestyles or health requirements.

• Potential conflicts: Living in close quarters can sometimes lead to conflicts or disagreements between family members, which can be challenging to navigate.

• Lack of control: When multiple family members are involved in a property, it can be difficult to have complete control over decision-making or property management, which can lead to frustration or disagreements.

 

In conclusion, multigenerational homes can be a great option for families who want to save on living expenses, provide support and care for aging parents or adult children, enhance family bonding, and increase property value. They just might be the way of the future!