🏡 Multi-Generational Homebuying Is on the Rise — Here’s What’s Behind It
Hi friend,
If you've been wondering whether sharing a home with loved ones might be a smart move in today’s market—you’re not alone. We’re seeing a noticeable shift across Connecticut and beyond, with more families choosing to live under one roof. And honestly? It makes a lot of sense.
According to the National Association of Realtors (NAR), 17% of recent homebuyers purchased a home to live with adult children, aging parents, or extended family. That’s the highest percentage they’ve ever recorded 📈
Let’s take a closer look at why this trend is growing—and how it might open doors for you too.
💡 What’s Fueling the Shift? In a Word: Affordability
While multigenerational living used to be mostly about caregiving—especially for aging parents—we’re now seeing finances play a bigger role.
NAR recently shared that 36% of buyers in 2024 chose multigenerational homes specifically to save money. That’s more than double the number from 2015!
With today’s home prices and interest rates, that motivation is completely understandable. Living together can significantly lower costs while creating a supportive, connected living arrangement.
🛠️ Combining Resources Can Make Homeownership Possible
I’ve worked with families who’ve told me, “We never thought we could buy a home—until we teamed up.” And that’s the power of shared ownership.
Pooling income can help cover not just the mortgage but also things like utilities, repairs, and insurance. In some cases, it even allows buyers to afford a larger home with more space and privacy for everyone involved.
Rick Sharga, Founder and CEO of CJ Patrick Company, said it well:
“There are a few ways to improve affordability, at least marginally. . . 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.” (quoted under fair use)
This approach doesn’t just solve a financial challenge—it creates opportunities. And it can be a meaningful solution when caring for loved ones while maximizing your buying power.
Chris Berk, VP of Mortgage Insights at Veterans United, echoes this:
“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.” (quoted under fair use)
📍Is a Multi-Generational Home Right for You?
Right now, nearly 3 in 10 buyers (28%) say they’re planning to purchase a multigenerational home. That’s not just a trend—it’s a reflection of how families are getting creative, thoughtful, and strategic in uncertain times.
If you're trying to balance rising housing costs, caregiving responsibilities, or just want more quality time together, this kind of arrangement could be worth exploring.
Let’s talk it through—because everyone’s needs and goals are unique. A local real estate expert (like me!) can help you explore your options and see if this kind of move fits your vision.
✨ Bottom Line
When your budget feels tight, teaming up with family to buy a home might be a smart, heart-centered solution. You don’t have to figure it out alone—I’m here to help guide you every step of the way.
Would you ever consider buying with a parent, child, or loved one? Let’s talk about the pros and cons and create a plan that feels right for you.
📞 Call me at 860-985-4363 or head to melindatherealtor.com for your free consultation.
💬 Never too busy for you to be my #1 client
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