Housing Trend: Multi-Generational Living

The concept of multi-generational living has been gaining popularity in recent years as more and more Americans are choosing to share their homes with family members of different ages.

For one, financial considerations play a significant role in the rise of multi-generational living. Younger people who may struggle to afford their own homes are increasingly opting to live with their parents or grandparents in order to save on housing costs. This can be expecially appealing in expensive urban areas where housing prices are sky-high. At the same time, older parents or grandparents may prefer to live with their families rather than in assisted living facilities, which can be very costly.

In addition to financial benefits, multi-generational living also offers emotional support and companionship to family members of different ages. In the past, several generations often lived together and supported each other emotionally and practically. Nowadays, families are rediscovering the benefits of this approach to living. Older family members can offer help and guidance to younger generations, while also receiving care and assistance when needed. This can be especially valuable as family members age and face health issues or other challenges.

Furthermore, multi-generational living can foster a sense of community and interdependence. By sharing a home and living space, family members of different ages can develop stronger bongs and a deeper sense of connection. This can be especially important for children, who benefit from having close relationships with grandparents or other older relatives.

As the trend towards multi-generational living grows, homeowners are finding creative ways to accomodate the different needs and preferences of family members. One popular option is the use of tiny home-style "granny flats," which offer a self-contained living space that is connected to the main house. This allows older family members to have their own space while still being close to their loved ones.

Next Gen Homes

Lennar Homes (Lennar.com), the nation's largest homebuilder, offers a Next Gen model with a separate living space. The Next Gen models have typically been less than 25% of Lennar's business. However, a the growing new trends of multi-generational living has made Next Gen home very popular.

Another popular builder in the Minneapolis-St. Paul metro that is offering this type of floorplan is D.R. Horton: "Two homes under one roof. And so much more"

The floorplan above is an example of how D.R Horton offers a separate living space, bedroom, kitchenette and exterior entrance to provide an option for mutli-generational living.

"House Hacking"

Another way younger generations of first time home-buyers are leveraging these additional suites is through house hacking. With rising interest rates, home prices, the overall rental market and cost of living, many younger families are opting to have renters to supplement the the overall cost of owning a home. Rather than simply renting out a bedroom or having a "basement apartment", many are deciding to rent out these suites for market (or slightly lower than market) rent.

While multi-generational living may require some adjustments and compromises, many families are finding that it is a rewarding and beneficial way to live. It offers financial benefits, emotional support, and a stronger sense of community and interdependence. As such, it is no surprise that this trend is on the rise and is likely to continue to grow in years to come.