Look Before You Leap Into Multigenerational Living

Multigenerational households have nearly doubled in the U.S. from 1950 to today, according to Pew Research Center. New reporting advises how best to succeed at multigenerational living. First of all, be realistic, writes Julia Zulkey for The New York Times, especially when it comes to your own happiness, and being honest about "how harmoniously you...
Black and white photo of two hands
Photo: Unsplash/Liane Metzler

Multigenerational households have nearly doubled in the U.S. from 1950 to today, according to Pew Research Center. New reporting advises how best to succeed at multigenerational living.

First of all, be realistic, writes Julia Zulkey for The New York Times, especially when it comes to your own happiness, and being honest about "how harmoniously you and your family could live together, and how happily you could all buy a house together, a stressful endeavor even under the best circumstances." Additionally, finding the right broker who knows the local area's multifamily market is necessary, as is a lawyer who can help potential buyers unwind the local zoning rules, and explain any possible obstacles in advance.

There are multiple reasons for this shift: the increasing cost of long-term care; the growing immigrant population, in which shared housing has always been more common; and, of course, rising housing prices. Lawrence Yun, chief economist at the National Association of Realtors, said that multifamily home purchases are especially prevalent now “because home prices are so expensive that the only way to make it work is to double up or triple up.”

Source: www.probuilder.com