Why More People Are Buying Multi-Generational Homes Today

Why More People Are Buying Multi-Generational Homes Today

Today, 17% of homebuyers are choosing multi-generational homes—where families buy a house together with parents, adult children, or even extended relatives. This trend, now at its highest level ever recorded by the National Association of Realtors (NAR), is transforming the housing market. So, what’s fueling this growing demand for multi-generational living?

Key Benefits of Multi-Generational Living

Historically, multi-generational homes were often chosen to care for aging parents. While that remains an important factor, affordability has emerged as a primary driver in today’s real estate market.

According to NAR, cost savings are the top reason families are turning to this living arrangement. With rising home prices and mortgage rates, buying a home on your own has become increasingly challenging. For many families, pooling financial resources to purchase Chicago homes is a smart way to overcome these hurdles.

By sharing expenses like mortgages, utilities, and maintenance costs, multi-generational households can make homeownership more attainable. As Rick Sharga, Founder and CEO at CJ Patrick Company, notes:

“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.”

For those in the Chicago real estate market, this could even mean affording a larger home than you might have been able to purchase on your own. If you’re struggling with today’s home prices but need more space, a multi-generational property could be the perfect solution.

Beyond Affordability

In addition to financial benefits, multi-generational homes can bring families closer together. Sharing a home fosters deeper connections and allows for more quality time, strengthening relationships across generations.

Bottom Line

MPG understands the challenges of today’s market and the unique needs of families exploring multi-generational living.

Connect with us---we're happy to help you explore opportunities and discover how multi-generational living can transform your homeownership journey.