Multi-Generational Homebuying Hit a Record High

Multi-generational living is on the rise.

‍According to the National Association of Realtors (NAR), 17% of homebuyers purchase a home to share with parents, adult children, or extended family.

‍

That’s the highest share ever recorded by NAR (see graph below):

‍

‍

And what’s behind the increase? Affordability. NAR explains:

‍

“In 2024, a notable 36% of homebuyers cited “cost savings” as the primary reason for purchasing a multigenerational home—a significant increase from just 15% in 2015.”

‍

In the past, caregiving was the leading motivator – especially for those looking to support aging parents. And while that’s still important, affordability is now the #1 motivator.

‍

And with current market conditions, that’s not really a surprise.

‍

Pooling Resources Can Help Make Homeownership Possible

With today’s home prices and mortgage rates, it can be hard for people to afford a home on their own. That’s why more families are teaming up and pooling their resources.

‍

By combining incomes and sharing expenses like the mortgage, utility bills, and more, multi-generational living offers a way to overcome financial challenges that might otherwise put homeownership out of reach.

‍

As Rick Sharga, Founder and CEO at CJ Patrick Company, explains:

‍

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

‍

But this strategy doesn’t just help with affordability. It may even allow you to get a larger home than you’d qualify for on your own and that gives everyone a bit more breathing room.

‍

As Chris Berk, VP of Mortgage Insights at Veterans United, explains:

‍

“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 momentum may be growing. Nearly 3 in 10 (28%) of homebuyers say they’re planning to purchase a multi-generational home.

‍

Maybe it’s a solution that would make sense for you too.

‍

The best way to find out? Talk to a local real estate agent who can help you decide if this option would work for you.

‍

Bottom Line

If your budget feels tight, buying a multi-generational home could be a smart solution.

‍

Let’s connect to talk through your options.

Additional Resources

Watch Now:

Thinking about an Adjustable-Rate Mortgage? Read This First.

For the right buyer, ARMs can offer some big advantages. But they’re not one-size-fits-all.

Watch Now:

More Homes for Sale Isn’t a Warning Sign – It's Your Buying Opportunity

In most areas, more inventory isn’t bad news. It’s actually a sign of the market returning to a more stable, healthy place.

Watch Now:

What Buyers Need To Know About Homeowners Association Fees

Before buying a home in an HOA community, it’s a good idea to review the rules and fees so you know exactly what’s included, how that fits into your overall budget, and what restrictions may apply.

Multi-Generational Homebuying Hit a Record High – Here’s Why

Education

Coming Soon

Pooling Resources Can Help Make Homeownership Possible

Bottom Line

Additional Resources