Can Multigenerational Living Work for My Family?
Multi-generational living is defined as adults from multiple generations living in the same home. This form of living is on the rise in the U.S. after declining for years and a record 60.6 million Americans live in multigenerational households according to data from Pew Research Center. Reasons include growing racial and ethnic diversity in the U.S., more young adults living at home, economic necessity and a larger percentage of the US population over age 65. Whatever the reason that may be causing you to consider multigenerational living with some planning, you can make this living arrangement work for everyone.
Living with parents and grandparents can benefit all members of the family. Sharing household expenses among the adult members will decrease costs for everyone. Grandparents are able to interact with the grandchildren on a daily basis allowing them to form a strong bond and offer help watching and tending to them. Adult children do not have to worry about how their aging parents living alone and are able to provide assistance as it is needed.
Things to keep in mind when deciding what will work for your family:
- Everyone should have separate spaces to retreat to when things become overwhelming. Most grandparents are not used to living with rambunctious children and you can’t expect those children to stay quite all the time.
- Future needs. Living quarters for grandparents should be in a location that will be easy to access as they age. Keeping in mind that wheelchairs and walkers may be needed at some point in the future.
- Have the tough discussions. How are you splitting the household bills, who will be doing the cooking, and are you doing each other’s laundry?. Having these discussions prior to making a move will go a long way toward keeping the peace.
- Funding for the remodel or purchase. Will you be using funds from a current home sale or will you need to finance the entire project?.
To make multigenerational living work for all parties, there are several options for getting into the perfect home. If you have space on your current home’s property, you can consider a remodel to add an addition. If your current space won’t allow for a remodel or just won’t work, you can look for homes that have multi-units or an apartment area. Talking to one of ENB’s Mortgage Experts early in the process will help you figure out the best way to fund your remodel or new home purchase.
To speak with an ENB Mortgage Expert, call us at (877) 773-6605 or complete a Contact Form.Back to Blog >