Renovations to Increase the Value of Your Burbank Home

Defining Multigenerational Living

According to the US Census, a multigenerational household is when two or more adult generations live in the same home. While these living arrangements can include more than two generations, this is the minimum definition for a multigenerational household.

These days, many more people are living in multigenerational households than in the past. When the Great Recession began, many adults fell behind on their mortgage payments when they lost their jobs and decided to live with family members. From 1980 to 2020, multigenerational living has nearly doubled in the United States.

There are many different types of multigenerational living. In a three-generational home, you have grandparents, parents, and children. In grandfamilies, a grandparent lives only with their grandchildren. In four-generational households, parents, children, grandparents, and even great-grandparents all live together. Finally, there are some households which have two adult generations and their children.

Multigenerational living is also more common in some cultures than others. While in the United States it is fairly common for people to move out of their parents’ homes at the age of eighteen, in other parts of the world, many people will live with their parents well into adulthood. Some families have several generations living in the same home!

The Benefits of Living in a Multigenerational Household

The first benefit of living in a multigenerational household is definitely the cost. The more people that go in on a house together, the more they can afford! Depending on the salaries and financial health of the individuals that are looking to buy a property, you may be able to afford much more if you decide to live with your family members.

Additionally, multigenerational living is environmentally friendly. With more families sharing the same resources, not only can you get more for your money, but you can also help save the planet. Aside from the cost and environmental benefits, there are also emotional benefits to living in a multigenerational household.

When you live in a multigenerational household, you have a built in network of support with your family. While all family members do not always get along, you can always lean on your family for support.

Conclusion

There are many benefits of living in a multigenerational household. Some are financial, some are environmental, and some are emotional. Would you ever participate in multigenerational living?