Choosing to merge generations under one roof reflects a number of changes, some cultural and some financial. According to advocacy group Generations United, which says the 51.4 million Americans who now live in multigenerational households represents a 10% increase since 2007.
Some families need physical distance between them to get along. Others manage to coexist peacefully under the same roof, even across multiple generations.
What is multigenerational living?
The U.S Census Bureau defines the multigenerational home as a living arrangement with more than two adult generations living under the same roof.
For example, if you and your spouse decide to live in the same home as your parents, that’s multigenerational living. Some multigenerational living arrangements involve extended family as well.
Benefits of multigenerational living
Multigenerational living has its advantages. First, a family that chooses to live as a single household under the same roof can divide up the expenses associated with owning or renting a single home rather than have each generation bear that expense independently.
Eighty-four million Americans, 20% of the nation, now live in multigenerational households that include two or more adult generations or grandparents and grandchildren younger than 25.
Multigenerational households are an excellent way for families or individuals to save money.
Some Hispanic and Asian societies have traditionally featured homes with two or three generations. Among families with Asian heritage, 29% lived in multigenerational family households in 2016, according to census data.
Households with two or more adult generations are economical in many ways. When shared by more adults, mortgage payments or rent are lower per person than if they live apart.
Other household expenses can also be shared, including utilities, food, maintenance costs, decorating costs, property taxes, homeowners’ insurance, and homeowners’ association fees.
Sharing expenses gives young adults the opportunity to build savings or pay down debt. Living with their families temporarily gives young adults time to reduce debt, improve their credit and save for a down payment.
Stronger family bonds. When three generations live together, family bonds are strengthened. When grandparents are involved in their lives, children have fewer behavioral and emotional problems. Grandparents can be critically important in the lives of children with divorced parents. Living with their children and grandchildren relieves grandparent’s loneliness and enriches their daily lives.
In today’s markets, families that can afford a larger home will find more properties for sale in higher price tiers, yet each adult will spend less on housing than if they live apart.
Our Viamar Home floor plan has 4 bedroom, 2 bathrooms and it’s approximately 2,800 sq ft, making it a practical floor plan to accommodate the entire family.