Multi-Generational Homebuying Hit a Record High, Here’s Why

Multi-generational homebuying isn’t just a trend, it’s becoming a practical solution for today’s market.

According to the National Association of Realtors (NAR), 17% of homebuyers now purchase a home to live with parents, adult children, or extended family. That’s the highest percentage NAR has ever recorded.

So what’s driving this shift? One word: affordability.

In fact, NAR reports that 36% of buyers cited cost savings as the primary reason for purchasing a multi-generational home in 2024, up from just 15% in 2015. While caregiving used to be the main motivation, rising home prices and interest rates have pushed affordability to the top of the list.

Why More Families Are Buying Together

Buying a home solo has become harder, especially for first-time buyers, retirees on fixed incomes, or families trying to stay in high-demand areas.

That’s why more households are pooling resources.

By combining incomes and sharing expenses like the mortgage, utilities, and maintenance, families can make homeownership more achievable. As Rick Sharga, Founder and CEO of CJ Patrick Company, explains:

“There are a few ways to improve affordability… 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.”

For many buyers, this approach turns “maybe someday” into “now.”

It’s Not Just About Cost, It’s About Options

Multi-generational living isn’t only about saving money.

In many cases, it also allows buyers to:

• Qualify for a larger home

• Access better locations or school districts

• Create more privacy and flexibility with separate living areas

As Chris Berk, VP of Mortgage Insights at Veterans United, puts it:

“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.”

That’s likely why nearly 28% of buyers say they plan to purchase a multi-generational home in the near future.

Is Multi-Generational Living Right for You?

This type of purchase isn’t one-size-fits-all. It requires thoughtful planning, from layout and zoning considerations to financing options and long-term expectations.

That’s where working with a local expert matters.

A knowledgeable agent can help you:

• Identify homes designed for multi-generational living

• Understand loan programs that support shared ownership

• Evaluate neighborhoods that fit everyone’s lifestyle

For buyers in Connecticut, Joseph Malerba Real Estate, eXp Realty helps families explore whether multi-generational homeownership makes sense and how to do it the right way.

Bottom Line

If your budget feels tight, buying a multi-generational home could be a smart and realistic solution, not a compromise.

More families are choosing to buy together, share costs, and create homes that support both financial stability and family connection.

If you’re considering buying with a parent, child, or family member and want to understand your options in today’s market, let’s connect. A quick conversation can help you decide if this path fits your goals, now and long-term.