Living Together
Across the country, more families are embracing a living arrangement that used to be rare but is now gaining momentum: multi-generational living.
According to recent data from the National Association of Realtors (NAR), 17% of homebuyers are purchasing homes designed to share with parents, adult children, or extended family members. That’s the highest share ever recorded by NAR, reflecting a major shift in how Americans think about homeownership and family life.
What’s Behind the Rise in Multi-Generational Living
The driving force behind this trend can be summed up in one word: affordability.
NAR reports that in 2024, 36% of homebuyers cited “cost savings” as the main reason for purchasing a multi-generational home. Compare that to just 15% in 2015, and you can see how dramatically motivations have changed.
In the past, the most common reason for living together across generations was caregiving—particularly adult children moving back home to help aging parents. That’s still an important factor today, but for many families, financial realities have now taken the lead.
With rising home prices, higher mortgage rates, and an ongoing shortage of affordable housing, pooling resources has become an increasingly practical—and sometimes necessary—solution.
How Pooling Resources Makes Homeownership More Achievable
For many people, buying a home on their own has become challenging. But combining efforts with family members can make what once felt impossible suddenly attainable.
When multiple generations share the cost of a mortgage, property taxes, utilities, and maintenance, the overall burden becomes lighter for everyone involved. This shared approach allows families to access larger or better-located homes that might otherwise be out of reach.
Rick Sharga, Founder and CEO of CJ Patrick Company, highlights this point clearly:
“There are a few ways to improve affordability, at least marginally. One option is to 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.”
This arrangement can be especially beneficial in high-cost markets where home prices continue to climb faster than incomes. By combining financial resources, families can purchase homes with more space, better amenities, and stronger long-term investment potential.
More Than Just Financial Benefits
While affordability is the top motivator, the appeal of multi-generational living extends beyond money.
Many families find emotional and practical value in living together. Shared meals, built-in childcare, and the ability to care for elderly relatives without the need for external assistance all contribute to a deeper sense of connection and mutual support.
Chris Berk, Vice President of Mortgage Insights at Veterans United, puts it this way:
“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 kind of living also provides flexibility for different stages of life. College graduates can save money while getting started in their careers. Parents can have extra help with childcare. Older family members can age in place comfortably and safely.
The Trend Is Still Growing
Momentum for this housing model continues to build. Nearly three in ten buyers (28%) say they are considering or planning to purchase a multi-generational home in the near future.
Builders and developers are beginning to take note as well. Many new construction homes now feature floor plans designed with separate entrances, secondary kitchens, or independent living areas—perfect for extended families who want both shared space and privacy.
Is Multi-Generational Living Right for You?
If your budget feels tight or you’ve struggled to find a home that fits your needs, exploring multi-generational living could be a smart move. It can expand your options and make homeownership more attainable in a competitive market.
Of course, every situation is unique. The key is to work with a local real estate agent who understands both your financial goals and the specific dynamics of your area. They can help you identify properties suited for multiple generations, explain zoning or financing considerations, and determine whether this approach makes sense for your family.
So, would you consider buying a home with a family member? It’s a growing trend for a reason—and it might just be the opportunity that brings your next home within reach.