Wednesday, October 23, 2019

5 Reasons to Consider Living in a Multigenerational Home

Article Courtesy of Keeping Current Matters/The KCM Blog

Did you know that 1 in 6 Americans currently live in a multigenerational household?

According to Generations United, the number of multigenerational households rose from 42.4 million in 2000 to 64 million in 2016. The 2018 Profile of Home Buyers and Sellers from the National Association of Realtors shows that 12% of all buyers have a multigenerational household.

Why Are Many Americans Choosing to Live in a Multigenerational Household?

The benefits to multigenerational living are significant. According to Toll Brothers,
“In recent years, there’s been a steady rise in the number of multigenerational homes in America. Homeowners and their families are discovering new ways to get the most out of home with choices that fit the many facets of their lives.”
The piece continues to explain the top 5 benefits of multigenerational living. Here is the list, and a small excerpt from their article:

1. Shared Expenses
“…Maintaining two households is undeniably costlier and more rigorous than sharing the responsibilities of one. By bringing family members and resources together under one roof, families can collectively address their expenses and allocate finances accordingly.”
2. Shared Responsibilities
“Distributing chores and age-appropriate responsibilities amongst family members is a tremendous way of ensuring that everyone does their part. For younger, more able-bodied members, physical work such as mowing the lawn or moving furniture is a nice trade-off so that the older generation can focus on less physically demanding tasks.”

3. Strengthened Family Bond
“While most families come together on special occasions, multigenerational families have the luxury of seeing each other every day. By living under one roof, these families develop a high level of attachment and closeness.”

4. Ensured Family Safety
“With multiple generations under one roof, a home is rarely ever left unoccupied for long, and living with other family members increases the chances that someone is present to assist elderly family members should they have an accident.”
5. Privacy
“One of the primary trepidations families face when shifting their lifestyle is the fear of losing privacy. With so many heads under one roof, it can feel like there’s no place to turn for solitude. Yet, these floor plans are designed to ensure that every family member can have quiet time… [and] allow for complete separation between the generations within the household.”

Bottom Line

The trend of multigenerational living is growing, and the benefits to families who choose this option are significant. If you’re considering a multigenerational home, reach out to a local real estate professional to learn more about the options available in your area.

On a personal note, my children grew up in a multigenerational home and, while I must admit to some personal challenges during those years, I shall remain forever grateful that my children were so fortunate to have the love and wisdom of their maternal grandmother during the most formative years of their lives.  My husband and I shared our home with my mother, who was legally blind, for the first 20 years of our marriage.  In addition to having my mother live with us, on weekends my aunt and uncle would stay with us so they could help her in her store.  Even when we moved to Arizona, they would come to stay with us for extended periods to be with her and to give me a little break.  My sister, who had a family of her own in Ohio, would bring Mom to her home for a few weeks in the summer and would sometimes come to stay with mom when our family took a little vacation.  It's been many years since mom passed, but sometimes it feels like just yesterday that she was such a integral part of our lives.  I believe those years were a gift to all of us. To this day, my children (now grown men) still remember their Nana with great fondness and treasure the time they spent with her.  I can't help but feel that those years taught them great lessons about respect, empathy, and love of family.

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