A multigenerational home is a household that consists of two or more adult generations. This type of home ownership/living arrangement has been gaining popularity over the past years. This decision can be driven by multiple factors and may be something that any future homeowner might want to consider when having children, as well as elderly relatives.
Living in a multigenerational household is beneficial because it can offer emotional support, a solution to loneliness, good physical/mental health, safety, exposure to intergenerational learning, as well as sharing household chores.
Another great reason to live in a multigenerational home would be the financial relief it can bring. Some of these benefits are lower mortgage payments/ rent, utility bills, groceries, as well as household maintenance.
Although sharing a home allows for more financial freedom, it does present the challenge of navigating privacy and personal space. That may be somewhat difficult at times, however, many have been able to establish a balanced lifestyle that works for the whole family. Tensions among family members can be a potential issue, however it has been known to create a strong family bond due to the increased family presence. This can also be described as the “sandwich generation” and are made up of middle-aged home buyers handling younger and older generations.
With that in mind, it is important as a home buyer, to consider one’s family dynamic and how that affects your lifestyle when considering a new home.
