June 25, 2024

Understanding the appeal of multigenerational housing

They say what goes around comes around. That’s certainly true of households and families, particularly homes where several generations coalesce and live together under one roof. This is the definition of multi-generational housing. And it’s more popular today than years ago.

Ponder that, between 1971 and 2021, the population residing in multigenerational family homes, often spanning three to four generations, surged to nearly 60 million individuals, marking a fourfold increase. According to Pew Research Center, the proportion of the American populace inhabiting such households more than doubled, reaching 18%.

Buying or creating multi-generational homes is a trend many Americans are considering nowadays. Learn more about what constitutes a multi-generational home, the benefits and drawbacks of living in a multi-generational home, how to convert your home for multi-generational living, and financing options to pursue if you are determined to own one by reading my newest story for The Mortgage Reports, available here.