Multi-generational living is experiencing a noticeable surge in popularity. According to the latest data from the National Association of Realtors (NAR), 17% of homebuyers are now purchasing homes to live with parents, adult children, or extended family. That’s the highest percentage NAR has ever recorded (see graph below):

What’s fueling this rise? Affordability is playing a major role. As NAR explains:

“In 2024, a notable 36% of homebuyers cited ‘cost savings’ as the primary reason for purchasing a multigenerational home—a significant increase from just 15% in 2015.”

While caregiving remains a significant factor—especially for those supporting aging parents—it’s now affordability that’s taken the lead. And given today’s housing market, that shift makes perfect sense.

Pooling Resources Can Help Open the Door to Homeownership

With home prices and mortgage rates at elevated levels, it can be tough for individuals or even couples to afford a home on their own. That’s why more families are coming together and combining their financial resources.

When multiple generations share the costs of homeownership—such as mortgage payments, utility bills, and maintenance—it becomes much easier to take that step. Multi-generational living not only enhances affordability, but it can also allow buyers to go after larger homes that better accommodate their family’s needs. As Rick Sharga, Founder and CEO at CJ Patrick Company, puts it:

“There are a few ways to improve affordability, at least marginally. . . 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.”

But the benefits don’t stop at the financial level. A larger home can provide extra space and privacy, helping each family member feel more comfortable while still being close to loved ones. This arrangement can also foster a deeper sense of connection and support among family members.

Chris Berk, VP of Mortgage Insights at Veterans United, echoes this sentiment:

“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.”

And this approach is catching on—nearly 3 in 10 (28%) of buyers say they’re planning to purchase a multi-generational home. This growing trend reflects a shift in how families are adapting to today’s economic climate while still prioritizing connection and quality of life.

Could it be the right move for you, too? The best way to find out is to speak with a local real estate expert who can help you evaluate whether a multi-generational home fits your lifestyle and financial goals.

Bottom Line

Tight budgets don’t have to mean abandoning your dream of homeownership. By choosing to live with family in a multi-generational home, you can share costs, expand your options, and enjoy the benefits of living closer to loved ones. It’s a solution that’s growing in popularity—and for good reason.

Would you consider buying a home with a family member? What would that look like for your household?

For personalized guidance and insight into whether this strategy could work for you, reach out to Mike Panza and the trusted team at Panza Home Group. They’re here to help you explore your options and find the best path forward.

Learn more or contact the team directly here: https://panzarealestate.com/team/mike-panza