Multi-generational living isn’t just a trend—it’s becoming a practical solution for more and more families. According to the National Association of Realtors (NAR), 17% of all recent homebuyers purchased a home to live with extended family—whether that’s parents, adult children, or both. That’s the highest percentage ever recorded by NAR:
So, what’s driving this shift? Affordability.
In the past, caregiving for aging parents was the main reason buyers opted for multi-generational homes. While that’s still a factor, the primary driver today is cost savings.
As 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.”
That sharp increase reflects today’s challenging housing market. With high home prices and mortgage rates, affordability is top of mind for many buyers—and multi-gen living offers a powerful workaround.
Pooling Resources Makes Homeownership More Achievable
Buying a home with family members allows buyers to combine incomes, share expenses, and even afford more space than they could on their own.
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.”
In other words, shared ownership helps reduce financial strain—and often makes the dream of homeownership possible when it otherwise wouldn’t be.
And the benefits go beyond the bottom line. Teaming up with family could also open the door to a larger home, giving everyone more room to live comfortably.
As Chris Berk from Veterans United puts it:
“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.”
This Strategy Is Gaining Momentum
If you’re wondering whether this type of arrangement is catching on, the answer is yes—fast. According to NAR data, nearly 3 in 10 homebuyers (28%) are considering purchasing a multi-generational home.
That’s a clear sign that families across the country are looking for smarter ways to buy in today’s market. And depending on your situation, it could be a great solution for you, too.
Is Multi-Gen Living Right for You?
Multi-generational homeownership isn’t for everyone, but if your budget is stretched or you’re caring for a loved one, it might be worth considering.
The best first step? Talk to a local real estate agent who understands the pros and cons and can help you find the right home for your unique needs.
Bottom Line
Buying a home with extended family can help stretch your buying power and lower monthly expenses. With affordability being the top reason behind this growing trend, it’s worth exploring whether this strategy could work for your situation.
Would you ever consider buying a home with a family member? Why or why not?
Let’s connect and talk through your options.
The information and opinions in this article are not investment advice. Tim Stice makes no guarantees about accuracy or completeness. Always do your own research and consult a professional before making financial decisions. Tim Stice is not liable for any loss or damage resulting from reliance on this content.
The information and opinions in this article are not investment advice. Tim Stice makes no guarantees about accuracy or completeness. Always do your own research and consult a professional before making financial decisions. Tim Stice is not liable for any loss or damage resulting from reliance on this content.
