The Powerful Shift Toward Multi-Generational Home Living

More and more families are discovering the benefits of living together under one roof. That’s why the multi-generational home is quickly becoming one of today’s most practical and popular housing choices. According to the National Association of Realtors (NAR), 17% of homebuyers purchase a home to share with parents, adult children, or extended family. That’s the highest share ever recorded by NAR (see graph below):

And what’s behind the increase? Affordability. NAR explains:

“In 2024, a notable 36% of homebuyers cited “cost savings” as the primary reason for purchasing a multigenerational home—a significant increase from just 15% in 2015.”

In the past, caregiving was the leading motivator for choosing a multi-generational home – especially for families looking to support aging parents. And while that’s still a key reason today, affordability has now taken the top spot. With rising home prices and higher mortgage rates, it’s no surprise that more buyers see a multi-generational home as a smart financial solution.

Pooling Resources Can Help Make Homeownership Possible

With today’s home prices and mortgage rates, it can be tough for individuals to buy a house on their own. That’s why more families are choosing to purchase a multi-generational home, teaming up and pooling their resources to make homeownership possible. By combining incomes and sharing expenses like the mortgage, utility bills, and more, multi-generational living offers a way to overcome financial challenges that might otherwise put homeownership out of reach. As Rick Sharga, Founder and CEO at CJ Patrick Company, explains:

“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.”

But this strategy doesn’t just help with affordability. It may even allow you to get a larger home than you’d qualify for on your own and that gives everyone a bit more breathing room. As 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.”

And momentum may be growing. Nearly 3 in 10 (28%) of homebuyers say they’re planning to purchase a multi-generational home. Maybe a multi-generational home is the right fit for your family too. The best way to find out? Talk to a local real estate agent who can walk you through the benefits, explore your options, and help you decide if this type of home is the right move for your situation.

Bottom Line

If your budget feels tight, buying a multi-generational home could be a smart and strategic solution. It allows you to combine incomes, share household expenses like the mortgage and utilities, and ease the financial pressure that often comes with buying a home on your own. In today’s market, where affordability challenges are top of mind for many buyers, a multi-generational home can offer a more realistic path to homeownership. Plus, living together under one roof can strengthen family bonds, create built-in support systems, and give everyone a little more breathing room – both financially and emotionally.

Would you ever consider buying a home with a family member? Why or why not? Let’s connect to talk through your options and see if a multi-generational setup could work for you.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jess & Co. Real Estate, LLC does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jess & Co. Real Estate, LLC will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.