Multi-Generational Homebuying Hit a Record High – Here’s Why
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.
If your budget feels tight, buying a multi-generational home could be a smart solution.
Would you ever consider buying a home with a family member? Why or why not?
Let’s connect to talk through your options.
Multi-Generational Homebuying Hit a Record High – Here’s Why
In a world reshaped by shifting priorities, stretched budgets, and a hunger for deeper connections, a quiet housing revolution is taking place. The age of the nuclear household is giving way to something older, richer, and more resourceful—multi-generational living. And it’s not just a blip on the radar; it’s a record-breaking movement. According to the National Association of Realtors (NAR), 17% of homebuyers purchase a home to live with extended family, a figure that’s never been higher.
So, why now? Why are so many Americans reimagining the traditional home setup and choosing to purchase a multi-generational home?
Two words: cost savings. But as always in real estate, the story runs much deeper.
The Rising Cost of the American Dream
Let’s start with the elephant in the living room: today’s home prices and mortgage rates are sky-high. And when you add inflation, student loans, and stagnant wages to the equation, the dream to afford a home solo becomes elusive—if not impossible. This climate has prompted a collective shift toward more innovative solutions, and multi-generational homebuying is leading the charge.
Pooling financial strength is no longer just a savvy tactic—it’s a necessity. Families are combining incomes, cutting redundant expenses like multiple utility bills, and joining forces to purchase a property with a family member. In doing so, they unlock the ability to qualify for a home they might never have been able to afford on their own.
As Rick Sharga of CJ Patrick Company observed, “Affordability is one of the reasons there’s a growing number of multi-generational households across the country today.”
Cost Savings That Make Sense
For decades, caregiving was the top motivator for buying a home with family. Elderly parents needed support. Young adults boomeranged back to avoid high rent. But in 2024, financial strategy now outweighs sentiment.
According to NAR, 36% of homebuyers purchasing multi-gen homes cited “cost savings” as their main reason. That’s up from 15% just a few years ago.
The numbers speak volumes. When families pool resources, they don’t just afford a home—they get a larger home. One with space for aging parents, adult kids, grandkids, and everyone in between. No need for multiple rent payments or separate mortgages. Instead, they embrace the collective advantage of shared expenses and enhanced homebuying power.
A Roof for Every Generation
Multigenerational homes aren’t a trend—they’re a strategic solution. They blend financial practicality with relational depth.
These homes support aging in place. They help parents save while giving children a stable launchpad. They offer emotional proximity and physical care—all under one roof. And, they mirror the family setups embraced around the globe in cultures that have long valued collective living.
When families purchase a property together, they’re not just signing on for financial synergy. They’re building a dynamic environment where toddlers giggle, teens thrive, adults decompress, and elders are respected and included.
In the words of Chris Berk, VP of Mortgage Insights at Veterans United: “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.”
The Power of Pooling Resources
What makes multi-generational living so impactful? The secret lies in pooling resources—not just financially, but emotionally and practically.
Shared responsibility over:
-
The mortgage
-
Utility bills
-
Groceries
-
Repairs and upkeep
-
Childcare
-
Elder care
…creates breathing room for all.
Instead of isolating financial burdens, families divide them. Instead of carrying the cost of living alone, they operate as a unit. This synergy not only increases the chances of buying a home but often results in purchasing a multigenerational home with superior features, better location, or expanded square footage.
Think: extra bedrooms, in-law suites, dual kitchens, and flexible floorplans that support privacy and proximity in equal measure.
Navigating Market Conditions with Family Unity
Market conditions are relentless, particularly in competitive areas like West Palm Beach. With soaring home prices, unpredictable mortgage rates, and inventory bottlenecks, financial challenges are everywhere.
In markets like these, the solo buyer is at a stark disadvantage.
That’s where buying a multi-generational home becomes a financial and tactical edge. In West Palm Beach, a family might struggle individually to lock down their dream home, but together, they can broaden their buying potential.
Working with a West Palm Beach mortgage broker can make all the difference. By exploring Affordable West Palm Beach home loans, mortgage preapproval in West Palm Beach, and leveraging tools like West Palm Beach mortgage calculators, families can understand how their joint income increases access to better properties and better deals.
The West Palm Beach Advantage
The Palm Beaches are known for sunshine, style, and steep price tags. But buying a home with family here is increasingly doable with the right guidance.
Families partnering with local mortgage lenders in West Palm Beach are unlocking opportunities once thought out of reach. Whether it’s first time home buyer loans in West Palm Beach, tailored West Palm Beach refinancing options, or strategic property loan advice in West Palm Beach, the right financing makes buying a multi-generational home possible.
Many are even turning to commercial mortgage brokers in West Palm Beach for investment-style setups that allow income-producing units or ADUs (Accessory Dwelling Units) on multi-gen properties.
And let’s not forget access to the best mortgage rates in West Palm Beach—rates that can be further negotiated when lenders see the stability and low-risk profile of a household with multiple income streams.
A Cultural and Practical Renaissance
While the rise of multi-generational households is often driven by dollars and cents, it’s also a cultural revival. Across generations, families are rediscovering the strength of unity.
From Gen Z to Boomers, there’s a shared realization: together, we thrive.
It’s not just about cost savings. It’s about safety. It’s about emotional wellness. It’s about children raised in the presence of their grandparents. It’s about adult children helping their parents age gracefully. It’s about middle-aged professionals affording career pivots because they’re not crushed by solo living expenses.
Multi-generational living is proving itself to be more than a smart move. It’s a lifestyle that aligns with values of support, resilience, and interdependence.
The First Steps to Multi-Generational Success
For those considering the move, here’s how to start:
-
Talk to a local real estate agent who understands multi-generational homebuying. Not all agents specialize in this niche.
-
Define your household’s non-negotiables: privacy needs, number of bathrooms, kitchen preferences, etc.
-
Create a combined financial profile. Combining incomes helps show stronger buyer profiles to lenders.
-
Work with a West Palm Beach mortgage broker or trusted financing partner to explore all available programs, including affordable West Palm Beach home loans and first time home buyer loans in West Palm Beach.
-
Use tools like West Palm Beach mortgage calculators to test different price points and loan options.
-
Get mortgage preapproval in West Palm Beach as a multi-party buyer. This strengthens your offer and speeds up the process.
-
Explore properties with a flexible layout—homes with split levels, guest suites, detached garages with living quarters, or bonus rooms.
It’s Not Just a Home—It’s a Strategy
There’s a subtle but powerful shift happening. Instead of just dreaming about the picket fence, families are re-engineering the entire concept of homeownership.
They’re optimizing shared financial muscle to navigate financial challenges. They’re leaning into trust, mutual support, and long-term vision. They’re saying no to temporary fixes like renting and yes to the enduring stability of owning together.
The payoff? Stronger households. Better homes. And futures that aren’t strangled by today’s home prices or erratic mortgage rates.
Who Benefits the Most?
This setup isn’t for everyone, but when it works—it really works. Here’s who’s finding value in multi-generational homebuying:
-
First-time buyers in expensive markets
-
Retirees looking to downsize and stay close to family
-
Young professionals saddled with debt
-
Immigrant families embracing familiar intergenerational living styles
-
Middle-income earners who want to avoid overleveraging
-
Families with special needs members or aging parents requiring care
-
Real estate investors seeking co-buying options for lower risk
Is This the New Normal?
All signs point to yes. As housing becomes increasingly difficult to navigate solo, more people will embrace multi-gen setups. Not just for the sake of necessity, but because of the many long-term benefits.
Yes, it may require compromise. Yes, boundaries and expectations will need to be clear. But the rewards? Life-changing.
Bottom Line
A historic shift is unfolding in the housing market, and it’s being built on togetherness. Multi-generational homebuying isn’t just the hottest new housing trend—it’s a solution grounded in resourcefulness, heart, and enduring value.
If your budget feels tight or your dreams feel out of reach, maybe it’s time to explore purchasing a multigenerational home. Whether you’re interested in buying a home with family, seeking the best mortgage rates in West Palm Beach, or ready to unlock your full homebuying power, there’s a path forward.
Talk to a local real estate agent who understands this space. Align with a trusted West Palm Beach mortgage broker. Explore what’s possible. And maybe—just maybe—your next home won’t just be where you live. It’ll be where you grow, thrive, and build something bigger than yourself.
Read from source: “Click Me”
Questions, Comments or For more information you can call
Christian Penner Branch Manager at 561-316-6800 or email us at TheMortgageTeam@ChristianPenner.com
Approval Hotline: 561-316-6800
Helping You Achieve the American Dream of Home Ownership
Or You can click “Call Me” below to call Christian Penner directly using Google Voice
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Get Pre-Approved Today
