The Rise In Popularity Of The Multigenerational Home

“Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”

According to Pew Research Center, multigenerational living has made a comeback, particularly after the 2008 financial crisis and during the pandemic. The Wall Street Journal (WSJ) cites:

“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”

If you're considering purchasing a multigenerational home, you're not alone. Depending on your stage of homeownership, it may be the right choice for various reasons. The following chart displays responses from a recent NAR survey about why people buy multigenerational homes:

Regardless of whether your motivations are financial or centered on those with whom you'll share your home, a multigenerational home offers unique advantages. It can make homeownership more affordable and allow you to provide the best support for your loved ones. As Lautz explains:

“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”

Options For Multigenerational Housing

In Maine’s real estate market, multigenerational living is certainly becoming more popular as many people move back home to be closer to their loved ones. This trend is leading to the rise in popularity of ADU’s (accessory dwelling units) which have also become easier to build due to recent changes in permitting.

If you’re considering a multigenerational home, be sure to connect with me. Whether it’s buying an existing home with multigenerational configurations in place or contracting with a company that specializes in ADU development, I’ve got you covered.