Multi-Generational Homebuying Hit a Record High – Here’s Why
Multi-generational living is on the rise — and it’s breaking records. According to the National Association of Realtors (NAR), 17% of today’s homebuyers are purchasing a home to share with parents, adult children, or extended family. That’s the highest share NAR has ever reported.
So, what’s behind the trend? One word: affordability.
Affordability Is the #1 Reason Families Are Teaming Up
In the past, caregiving for aging parents was the top motivator for buying a multi-generational home. While that’s still important, affordability has now taken the lead.
NAR explains:
“In 2024, a notable 36% of homebuyers cited cost savings as the primary reason for purchasing a multigenerational home — a big jump from just 15% in 2015.”
With today’s higher home prices and mortgage rates, teaming up with family is one way to make homeownership more realistic.
Pooling Resources Makes Homeownership Possible
When families combine incomes, they can:
Share mortgage payments and utility bills
Afford a larger home that gives everyone more space
Ease financial strain while still building equity
Rick Sharga, CEO of CJ Patrick Company, explains it this way:
“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.”
And beyond finances, it’s also about lifestyle. Having multiple generations under one roof allows families to support one another and spend more time together.
Momentum Is Growing
This isn’t just a passing trend. Nearly 3 in 10 buyers (28%) say they’re planning to purchase a multi-generational home.
As Chris Berk, VP of Mortgage Insights at Veterans United, puts it:
“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.”
Bottom Line
If your budget feels stretched, buying a multi-generational home could be a smart solution. By pooling resources, you can open the door to homeownership and create a home that works for the whole family.
Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.