A rising trend among homeowners is multi-generational living. While this is not a new concept, multi-gen living hasn’t been this popular since the 1940s. A study done by the Pew Research Center in 2012 showed that 57 million people in the U.S. were living with their extended families in one home, a number that has doubled since the 1980s and is still rising. So, what’s driving this trend? Young adults moving back into their parent’s homes, an increase in immigration and elderly parents that need care are a few of the many factors feeding the resurgence of this trend. If you fall into any of these categories, multi-gen living might be for you. Here are a few benefits you might have if you choose to live in a multi-gen household.
1. Shared Costs of Living
Living in a home with your extended family can be financially beneficial for all parties. The cost of the mortgage, utilities and other expenses can be shared among adults in the household, reducing the cost of living for everyone in the family.
2. Shared Responsibilities
Having more people to share chores and household responsibilities with is always a plus. More people to take care of the home means less time spent by each person washing dishes, cleaning up, etc.
3. Shared Caregiving
Providing care for young children or elderly parents or grandparents who need it can be overwhelming at times. Having others in the household to share the load can help reduce expenses and stress.
4. Emotional Support
When you live in a multi-gen household, there is always someone to look after, support and talk to. For an elderly parent, living with their extended family can give them a renewed sense of purpose and reduce the isolation usually faced by seniors when all their children have left the nest. In turn, young adults and children get more role models to look up to and lean on.
We’d love to know, would you consider multi-gen living? Share why in the comments below!