“Living with loved ones could help you achieve your homeownership goals.”
If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years.
As you consider this option for your own home search, know it could help you on your homeownership journey and provide you with other incredible benefits along the way.
Living with Loved Ones Could Help You Achieve Your Homeownership Goals
There are several reasons people choose to live in a multigenerational household, and for many, the arrangement is a personal one. But according to the Pew Research Center, the top reason people choose to live together today is financial.
A recent study from Freddie Mac also finds more people are choosing to buy a home together so they can save money in the homebuying process. As the study says:
“. . . an increasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.”
For these individuals, combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own.
Other Key Benefits of Multigenerational Living
Not to mention, living in a home with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor for CNBC.com, explains how this living arrangement can help on a personal and financial level:
“Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.”
If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.
Bottom Line
More people are discovering the benefits of multigenerational living. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.
To view original article, visit Keeping Current Matters.
Work With a Real Estate Professional if You Want the Best Advice
An expert real estate advisor is knowledgeable about market trends and the ins and outs of the homebuying and selling process.
Why Rising Mortgage Rates Push Buyers off the Fence
If you’re on the fence about whether to buy now or wait for a better deal, buying sooner rather than later might be wise.
Are There More Homes Coming to the Market?
Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.
Will Home Prices Fall This Year? Here’s What Experts Say.
Experts say the housing market isn’t set up for a price decline due to that ongoing imbalance between supply and demand.
How Today’s Mortgage Rates Impact Your Home Purchase
If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power.
Three Tips for First-Time Homebuyers
No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.