Stern Market Minute: What is Multigenerational Living?
Channel: The Stern Team | KW Salt Lake City Real Estate
Date: 2023-05-12

Multigenerational living is not just a fad or a short-lived trend, but a developing and enduring part of our society today. Living with your parents and grandparents under one roof has become a popular and functional living arrangement offering great benefits. It is a cost-effective way of extending care to include more family members while saving money on costs such as healthcare, childcare, mortgage, and rent. The benefits of multigenerational living go beyond personal care and cost savings. It offers built-in childcare and elder care solutions, keeps adult children close to their aging parents providing peace of mind, and allows grandparents to contribute to household chores. It also helps promote strong family bonds, cultures, and traditions.

Multigenerational living is a win-win proposition that also extends to first-time homebuyers who are looking for a way to pool resources and finances. Buying a house can be easier and more affordable when multiple incomes are pooled together. By doing so, the risk of repaying the mortgage debt is distributed amongst family members, making it easier to manage. In fact, having multiple co-borrowers on a mortgage application could help qualify for a larger loan allowing families to buy their dream homes.

However, before bringing everyone under one roof, it is important to ensure that the multigenerational property has enough space to cater to everyone's needs. Ensuring everyone has a comfortable space to call their own, as well as shared living spaces that allow the family to bond, is critical.

In conclusion, multigenerational living is a growing trend that offers an excellent opportunity for families to maintain strong bonds and create lasting memories. If you are ready to join this lifestyle choice, we are here to discuss further and find the right multigenerational property that suits you and your family.

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