Financial Benefits of Multi-Generational Housing

Could I pay for all my expenses and not be a burden to my family if I moved in with them? Will it be a good financial alternative for them and me? Hello, everyone. The share of households with multiple adult generations has been growing since hitting a low of 12 percent in 1980. The trend significantly accelerated during the 2007-2009 recession, when high unemployment pushed younger people, in particular, back home to live with their parents and grandparents. John L. Graham, professor at the University of California, Irvine's business school and co-author of “All in the Family: A Practical Guide to Successful Multigenerational Living,” said he saw the trend as part of a return to interdependence within the extended family. “This is how people have always lived around the world,” he said. The economic benefits of sharing services can be substantial, Mr. Graham said: Grandparents and older family members can provide childcare, while younger adults can care for elderly relatives. Travel costs are reduced, as members don’t have to pay for gas or airfare to visit. “There’s a saving,” he said, “in having the family nearby.” The benefits of living in a multigenerational household are that sharing financial expenses, sharing homeowner responsibilities, and living together as a family can strengthen relationships. Grandparents serve as role models for their grandchildren through daily interactions, while grandchildren learn to respect and connect with their elders. Ensures Family Safety With multiple generations under one roof, a home is rarely left unoccupied for long. Flexible Design Options Offer Privacy. For more information on multi-generational housing or any other real estate-related questions, contact us at # 858-336-1114 or at [email protected]. You can also visit us on the web at www.DonPelletier.com