Can you imagine your parents sharing a new home with you? Or perhaps your adult children?

The multigenerational home is becoming more and more common across the American landscape. According to 2012 data from Pew Research, 57 million home-owning Americans were living with more than one age cohort, up from 28 million in 1980. While multigenerational living has long been the norm in other countries, economic pressures are pushing American homeowners to keep more family under one roof too.

Here are some of the “whys” and “hows” of this growing multigenerational housing trend:

Millennials are returning home

For today’s young people, the blueprint for a good career and lifestyle isn’t so clear. Many millennials are finding that moving back home, or never leaving home at all during the college years, is the most sensible thing to do. One primary reason is the difficult job market. Post-college job prospects are in short supply due to the Great Recession’s lasting effects, and young people are forced to be flexible and enterprising. In fact, 

•   Millennials are job- and industry-hopping more than preceding generations.
•   Some 38% of millennials have become freelancers, more than all other age cohorts.

Career concerns, student debt, rising rent costs and even life circumstances like divorce can be heavy financial and emotional burdens for young adults. As a result, many millennials are becoming “boomerang children,” moving back home to recalibrate.

Aging parents are living with adult children

As parents age, they need help in day-to-day activities. Many homeowners, accordingly, are exploring options for moving their parents into their homes. One of the big reasons is simply the cost of living, which can be burdensome alongside the many medical issues that accompany aging. By some estimates, seniors with an annual income over $30,000 can average medical costs as much as $11,000 per year.

When retirement community living isn’t on the table, some adults choose to have their parents move in with them. Tax breaks may be available for homeowners who do so, including dependent status for qualifying parents and special deductions. Limited mobility presents even more challenges. Especially if affected by a chronic illness, seniors often need more help getting around and staying safe than younger adults, which may even mean high-quality supervised care at home.

Choosing the right home for a multigenerational family

Multigenerational living has many challenges. Here are a few considerations to help make the process a success:

Consider a custom-built house. Many forward-thinking firms have jumped on the opportunity to build homes for multigenerational families. Builders consider the practical needs of comfortable multigenerational living with features like multiple entrances and first-floor living suites which eliminate the need for seniors to climb stairs.

Look into a traditional, yet adaptable home. Specially-built multigenerational houses aren’t yet available everywhere, so many homeowners pick homes in their desired locations that will work for their families. Boomerang children need their own designated spaces for privacy and independence. Older parents need the same and may even require adjustments to the home, such as add-on suites, stairlifts, and railings, to make the house suitable for aging in place. A knowledgeable real estate agent will be able to help homeowners figure out the practicality and costs of any necessary adjustments or additions.

Make sure the whole family is on-board. Multigenerational living represents a big life change and homeowners will want to ensure the happiness of everyone involved. Every family is different, so a mix of common sense and open communication when selecting a living solution is in order. Consider:

•   Will young children be a part of the mix
•   Are there spacious common areas where the whole family can conveniently gather
•   Is each adult fully committed to the multigenerational lifestyle for the long haul

Multigenerational living is the right housing choice for many homeowners

If you’re seeking to buy a new house in northern New Jersey for your multigenerational family, I’d love to show you around. Contact Victoria Carter at victoria@victoriacarter.com or call (973) 220-3050. I would love to assist you!