The U.S. Census Bureau defines multigenerational housing as households consisting of more than two generations living under the same roof. The reasons for purchasing a multi-generational home can be manifold and fluctuate according to age group.

In its 2020 Home Buyers and Sellers Generational Trends report, the National Association of Realtors® found that 12% of home buyers purchased a multigenerational home to take care of aging parents. Some of the motivations include children over the age of 18 were moving back home and cost savings. The report also highlighted that 18% of buyers aged 74 to 94 purchased a multi-generational home.

Millennials have led the movement toward multigenerational households. But while many buyers move in together with family to take care of aging parents, the younger generation is often drawn by the benefits of pooling multiple incomes, such as saving on mortgage and being able to afford a larger home. With the pandemic shifting Americans’ living patterns, there may be a greater demand for this type of household.

Make sure to discuss the benefits and disadvantages of multigenerational housing before you make the call. Some homes are custom-built for multigenerational living and feature physical boundaries that provide privacy and comfort for different generations. Some homes can also be easily converted to fit your lifestyle. Basement apartments, in-law suites, or separate guest homes are some of the spaces you may want to look for in a house.

Are you interested in purchasing a multi-generational home in Winston-Salem or the surrounding areas? The Sharpe Mortgage Team would love to discuss your financing options and refer you to one of our trusted real estate partners. Call us today!