As families grow and dynamics shift, multigenerational living is becoming more common. Multigenerational housing is where two or more generations live together, such as parents, children, and grandparents. The reasons why families choose multigenerational living are varied, but the most common include the need for child care, elder care, and financial support.
According to Generations United, multigenerational households rose from 42.4 million in 2000 to 64 million in 2016. More families have been making this change in recent years.
Top 5 Benefits of Multigenerational Living
- Shared Expenses: One of the most significant advantages of multigenerational living is financial stability. Living with other family members allows you to share the load for expenses like groceries, housing, utilities, and more. Especially if you’re on a tight budget, multigenerational homes are a great way to save money. It also helps to reduce childcare costs if grandparents or other family members are responsible for looking after the kids.
- Shared Responsibilities: With multiple generations living in the same house, everyone can pitch in and help with household chores and responsibilities. From cooking, cleaning, childcare, or eldercare, responsibilities can be shared when you live in a multigenerational household. Sharing duties can ease the burden on one family member and make life easier for everyone.
- Strengthened Family Bond: Spending more time with family can help to enhance relationships and create lasting memories. “While most families come together on special occasions, multigenerational families have the luxury of seeing each other every day. By living under one roof, these families develop a high level of attachment and closeness.”
- Ensured Family Safety: Living with multiple generations under one roof, someone will be present if a family member has an accident. Additionally, your home will rarely be unoccupied, lowering the chance of burglaries.
- Positive Impact on Mental Health: Research has shown that living in a close-knit community can positively impact mental health, and a multigenerational household is one way to create that sense of community. When family members live under one roof, there are way more opportunities to bond and connect. Children spend more time with their grandparents or aunts and uncles, which can help them develop close relationships. For the older generation, having family members around can reduce loneliness and isolation, leading to a happier and more fulfilling life.
With the housing market in Prescott continuing to thrive, many families are looking to make their dreams of owning a home a reality. Prescott’s diversity offers various real estate options, from cozy single-family homes to luxurious estates. It’s the perfect time to start exploring the possibilities and finding your forever home. Contact me today, and let’s make that dream a reality for your family.
Multigenerational living may not be for everyone, but it is an option worth considering. It provides financial stability, emotional support, and shared responsibilities, but it also comes with potential privacy and cultural issues. It is essential to approach the decision to live multigenerationally with care, openly communicate with the family members involved, and set clear boundaries right from the start. Done right, multigenerational living can be a blessing that strengthens the family bond for years to come.
Whether for financial or health-related circumstances or simply because you’ve reached a new phase of life, you might wonder if living with multiple generations under the same roof is a good move for you.