Most of us grew up with the idea that by 18, you leave home and figure it out. You’re supposed to find a place to live, get a job, and find a way to get on the property ladder.
However, recent worldwide trends are forcing us to rethink that mindset. Millennials and Gen Z are opting to live with their families for much longer or sometimes not leaving at all.
Why is this happening, though? And will this type of housing be the new normal?
Our article will explore the reasons behind it, why it’s a great way to save, and how to make the most of it!
What Is Multigenerational Housing?
Multigenerational housing is where more than two generations of a family reside in a single home. So instead of just living with your parents and siblings, you’ll have your grandparents or even great-grandparents with you under the same roof.
Historically, this type of living arrangement was common until the 1920s, when zoning laws became stricter. After WW2, life also made single-family homes the norm, with more families choosing a peaceful life in the suburbs and leaving inner-city neighborhoods in droves.
But fast-forward to today, and multigenerational housing is making a big comeback.
Skyrocketing housing costs and stagnant wages make it harder for younger people to enter the property market. Even a simple condo could end up costing you over $300,000.
Social and cultural factors also play a huge role, with many families valuing the close bonds and support from living with extended family members, especially after the pandemic.
How Can Multigenerational Living Benefit You?
Have you been thinking of moving in with your family? Here’s how multigenerational living can benefit each of you:
More Financial Savings
When everyone moves in together, the typical one or two-income formula won’t apply as much. You can share housing costs, utilities, and other expenses to reduce your overall financial burden. This lets everyone build wealth and have a more comfortable living situation without the high costs of having a separate living space.
Childcare and Eldercare
If you’re part of the “sandwich” generation, you know how hard it is to balance raising kids and caring for older parents. Multigenerational households can help when you need it, saving you thousands on care services and giving you the peace of mind that your loved ones are getting quality care.
Strengthened Family Bonds
Do you want to be closer to family? Living together strengthens your bonds and creates a sense of community with those you love. You’ll have the chance to spend more quality time with them and build a network of trust that can instantly boost your quality of life.
Is Multigenerational Housing Here To Stay?
The idea of being on your own by 18 is slowly becoming a thing of the past. As housing costs continue to rise and the population ages, more families are embracing living under the same roof.
Some families are even creating second apartments, housing extensions, and other additions to accommodate additional members in the same household.
Urban planning and policy considerations will need to adapt to support this trend, and we expect to see more designs tailored to multigenerational households in the future.
The Bottom Line
Multigenerational housing is a practical alternative to today’s economic and social problems. It offers a chance to save money and build a deeper connection with those closest to you.
As it becomes more popular, expect more multigenerational designs or even pushes to change zoning laws in communities nationwide.
Whether wanting to save money or being close to your loved ones, you can’t go wrong with trying it and adapting your home to your family’s needs!
