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As housing affordability continues to challenge buyers across the country, families are finding creative solutions to make homeownership possible—and practical. One of the most notable trends gaining momentum is multi-generational living.

According to the National Association of Realtors (NAR), 17% of homebuyers in 2024 purchased a home to share with multiple generations of family, whether that includes parents, adult children, or extended relatives. This marks the highest percentage ever recorded by NAR, highlighting a growing shift in how Americans think about homeownership.

While caregiving for aging parents or supporting adult children remains a factor, cost savings have now taken the lead as the top reason families are buying homes together. With 36% of multi-generational buyers citing affordability as their primary motivator—up from just 15% in 2015—it’s clear that this trend is being driven by economic realities and evolving family dynamics.

So why are so many people considering this route? Here are six compelling reasons why multi-generational homeownership might be the right move for you.


1. Shared Financial Responsibility Eases the Burden

With home prices and mortgage rates still elevated, many buyers feel priced out of the market when shopping on a single income. One of the most significant benefits of multi-generational living is the ability to pool financial resources.

By combining incomes and sharing expenses such as the mortgage, property taxes, utilities, and insurance, the cost of homeownership becomes much more manageable. This shared responsibility can be the difference between staying in the rental cycle and finally achieving your goal of owning a home.

Rick Sharga, Founder and CEO of CJ Patrick Company, puts it simply:

“There are a few ways to improve affordability. One of them is to purchase a property with a family member—there are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”


2. You Can Afford More Space

When multiple family members contribute financially, you’re often able to qualify for a larger home—something you may not be able to afford on your own. That means more bedrooms, additional bathrooms, and more square footage overall.

For families who need separate spaces or privacy for different generations under one roof, this increased buying power can be a game-changer. Instead of settling for a smaller property, a combined budget can open doors to a home that fits everyone’s needs.

Chris Berk, VP of Mortgage Insights at Veterans United, explains:

“Multigenerational homes are more than a trend: They are a meaningful solution for families looking to care for one another while making the most of their homebuying power.”


3. Built-In Support Systems

Beyond financial benefits, living with extended family can bring practical advantages—especially when it comes to childcare, elder care, and household responsibilities.

Grandparents may help watch young children while parents work, or adult children may assist aging parents with mobility or medical needs. Instead of outsourcing care or relying on expensive services, many families find that living together brings built-in convenience and support.

And in uncertain economic times, having multiple generations in one household can provide a safety net that’s both emotional and financial.


4. Long-Term Stability and Flexibility

Multi-generational homes are a long-term solution that can adapt to your family’s evolving needs.

Maybe you’re welcoming your parents into your home today, but a few years down the line, your college-age kids return after graduation. A well-chosen multi-gen property gives your family the ability to adjust to life’s changes without needing to move again and again.

Whether it’s providing space for an in-law suite, a basement apartment, or a dual-living layout, these homes often offer the kind of flexibility that single-generation buyers overlook.


5. Cultural and Emotional Connection

For many families, multi-generational living isn’t just about affordability—it’s about honoring cultural traditions and strengthening relationships.

In many parts of the world, multiple generations living together under one roof is the norm. In the U.S., this concept is becoming more accepted and even celebrated. Sharing a home can foster stronger family bonds, offer opportunities for intergenerational learning, and create a deeper sense of togetherness.

Children benefit from more time with grandparents. Parents appreciate the extra help. And everyone gains from the shared experiences that come with daily family interaction.


6. It’s Becoming More Mainstream and Market-Supported

This isn’t just a passing trend—it’s a growing movement that the real estate market is beginning to support.

Homebuilders are responding with floor plans designed specifically for multi-gen households, including dual master suites, separate entrances, or private wings. In fact, nearly 3 in 10 buyers today say they’re considering a multi-generational home, according to NAR.

And as more families recognize the practical advantages, agents and lenders are learning how to support multi-gen buyers with specialized financing advice and home search tools tailored to their needs.


Bottom Line

Multi-generational living is more than a housing solution—it’s a smart, strategic response to today’s economic and lifestyle challenges.

Whether you’re trying to stretch your buying power, support aging loved ones, or just want to invest in a home that adapts with you over time, purchasing a home with extended family could be the answer.

Is it right for your situation? A local real estate professional can help you assess your needs, explore available options in your market, and guide you through the process of finding a home that works for your entire family.

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