Multigenerational Homes - Why a Larger Home May Make Sense
The popularity of multigenerational households is most certainly on the rise. Though living in a home with two or more sets of adults has been popular in many cultures for ages, the way of life is becoming prominent in the United States. About 84 million Americans live in these types of homes. Let’s discuss why having a larger home makes sense.
One of the most obvious reasons one might share their household with adult family members is to save money. A mortgage split by four or more working adults is much more manageable. Even opting for a larger house, the amount of money saved by living in multigenerational housing more than makes up for a larger house payment. Not only is the mortgage being split, so are all the utilities, homeowner’s insurance, and other household expenses.
Time can arguably be just as valuable as money. By living in a household full of people, all the chores will be split, saving a wealth of time. Additionally, if you have live-in childcare, imagine the amount of time saved before work. No driving to drop off the kids then heading the other way to work. Not only will this save valuable time, but there’s also a potential to save money on fuel if there was a long commute to drop off the kids.
Easier Home Financing
Multiple adults with assets and income make it easier when applying for a mortgage. Having four signatures as opposed to one or two makes it much more likely that mortgage will be approved, and likely even approved for more! This opens up the possibility of getting the home of one’s dreams without compromising the monthly budget.
Having live-in childcare is one thing, but how about having multiple adults help with discipline, or playtime, or bedtime, or bath time? If there are young children involved, everyone knows they can be a handful. But having other adults around can help ease that burden and also help newer parents find their footing. This aid is especially vital to single parents.
Adult children might find it difficult to keep a close relationship with their parents. Life is incredibly busy. By having a multigenerational household and living with parents, it means family members have the chance to stay connected, even if that’s only for a half-hour over dinner. Children benefit by having their grandparents in their lives as well, as it helps them learn strong family relationships, and grandparents feel useful and engaged when living in these types of households.
Safety and Security
Having multiple people living in a household means the home rarely goes unoccupied, and if it does, it isn’t for long. Always having someone at home is a huge deterrent to a potential home invader, so the necessity of having an expensive security system is significantly low.
In addition to having a secure home, multigenerational living ensures the safety of older family members. As a person ages, they become more likely to suffer serious injury from a fall. There are times when elderly people living alone have difficulty calling for help. If older family members live with their children and a fall should occur, help will be readily available.