Lu Ryan

Multi-Generational Living

Multi Gen Living

MULTIGENERATIONAL LIVING is an old tradition that is on the rise in the U.S. Is it a pandemic blip or is it a shift in affordability?  This arrangement brings on its own set of financial and emotional pros and cons.  Millennials have led a movement toward multi-gen households. While some adults move home to save money others are drawn to the benefits that reach beyond financial.

Here are a few pros and cons of multigenerational arrangements.

PROS

  • Easier financing – Having more adults with assets and income increases the chances of having a greater purchase power. 
  • Saving money– Sharing the expenses gives everyone and opportunity to build savings or pay debt.
  • Helping with children, aging, or ill parents-The burden of care can be spread across the available adults which eases a burden on all concerned.
  • Sharing in home equity– When the time comes to sell each person makes the mortgage payments and shares in the equity at the sale of the home.
  • Increased Longevity– Having more adults to provide emotional support encourages a feeling of stability and stronger family bonds which increases longevity.

CONS

  • Less Privacy- Sharing a home means less personal space. Understanding each family members needs and respecting closed doors may be one of the simple rules that will help.
  • More Noise– Making locations and times for children or room for seniors to relax is imperative for each group to feel at home.
  • Increased Housework-More people means more laundry, more dishes, and more stuff.  General organization and a good chore list with rotating responsibilities needs to be in place,
  • Tensions– Relationships can fester when you are living in such close quarters. Potential issues should be considered prior to becoming a multi-gen home.  Rules or procedures for handling problems should be discussed including financial conflicts, parenting differences etc.

FINAL THOUGHTS …The economics of modern real estate markets make multi-gen households an extremely attractive consideration for many families.  Be sure to be prepared for all the good and the difficult that may be a part of the transaction.  Remember to include your realtor in your plan and your space and location needs.


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