Why More Families Are Choosing Multi-Generational Living

Multi-generational living is gaining popularity across the country. According to the National Association of Realtors (NAR), 17% of homebuyers are now purchasing homes to live with parents, adult children, or extended family — the highest percentage ever recorded (see chart below).

What’s Driving This Trend? Affordability.

NAR reports that in 2024, 36% of buyers who chose multi-generational homes did so primarily to save money — a significant jump from just 15% back in 2015.

While caregiving for aging parents used to be the top reason for this living arrangement, cost savings have now taken the lead. Given today’s high home prices and interest rates, it’s not surprising.

Sharing Costs Makes Homeownership More Achievable

With housing affordability being a major concern, more families are joining forces to make owning a home more realistic. By combining incomes and sharing major expenses — like the mortgage, utilities, and upkeep — multi-generational households can tackle financial challenges together.

As Rick Sharga, CEO of CJ Patrick Company, puts it:

“There are a few ways to improve affordability, at least marginally... purchasing 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.”

Beyond affordability, this strategy can also open the door to larger homes — providing more space and comfort for everyone involved. Chris Berk, VP of Mortgage Insights at Veterans United, says:

“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 it seems interest is growing — 28% of recent buyers said they’re considering a multi-generational home.

Could This Be the Right Move for You?

If you’re feeling squeezed by today’s housing market, teaming up with family could be a smart way forward. A local real estate expert can help you explore whether this type of home could work for your needs.

The Takeaway

If affordability is a concern, purchasing a home with family might be the right solution. It’s not just a trend — it’s a practical option that more buyers are turning to.

Would you consider buying a home with family members? Let us know!

Ready to explore your options? Connect with one of our local agents today.