In today’s fast-paced world, families are seeking new ways to come together and create a living environment that truly benefits EVERYONE in the extended family, from grandparents to busy teens, to tiny tots. One solution that has been gaining popularity in the US in recent years is living in multigenerational households.
A multigenerational home is where several generations share space and resources in the same home. With the rise of this trend, homeowners and their entire families are discovering the many benefits of this style of living, including the sharing of expenses, chores, and precious time with other family members.
In this article, we dive into the world of multigenerational households and explore why this lifestyle choice is now so popular among American families.
How to Buy a Multigenerational Home in Oakland
Living in a multigenerational household might seem like a big step (and it is!), but having three or more generations under one roof doesn’t have to be scary, so long as you’re well prepared.
If you’re a first-time home buyer in Oakland, you’ve probably noticed that it’s becoming increasingly difficult to find a home within your budget. With high demand for mid-sized homes, competition is fierce, and we’ve found that many home buyers are being priced out of the market right now.
So, could multigenerational living be the solution?
According to a study by Generations United, 98% of Americans living in multigenerational households say, on the whole, the arrangement works well for everyone. The benefits of being a multigenerational family include enhanced relationships among family members, easier caregiving, improved finances, positive impacts on personal health, and better education and job training opportunities.
By pooling resources with aging parents, younger generations can raise the value of the home they’re hoping to buy and leapfrog the competition for mid-sized homes on the market. When you’re looking for a larger home to house several generations you’re likely to have less competition from other buyers.
While it may seem unusual or outdated to some, living with multiple generations under one roof can bring many benefits to families, including a few of the more underrated advantages of multigenerational living you may not have considered or even expected.
Living with Extended Family Members Can Save You Money
One of the most significant benefits of multigenerational living is it can dramatically reduce your costs. With multiple generations sharing living expenses, each family member can reduce their individual housing costs and save money on utilities and other expenses.
This can be especially beneficial for the younger generation, who may be just starting out and looking for financial education from older relatives.
Improved Relationships with Other Family Members
When families live together, they have the opportunity to form close bonds and create valuable memories that will last a lifetime. Kids benefit from spending time with older family members, learning from their experiences, and forming deeper relationships that they will treasure.
Similarly, older people can enjoy the company of the next generation and feel fulfilled by being involved in their lives and helping them out.
Multigenerational Homes Mean Easier Caregiving
For families who need to provide care for elderly or disabled family members, multigenerational living can make life much easier. When everyone lives under one roof, the whole family can provide round-the-clock care and support to aging parents, giving everyone peace of mind.
A Multigenerational Household is a Safer Household
Another underrated benefit of multigenerational homes is increased safety. When families live together, they can keep an eye on one another and provide support in times of need.
Adult children can feel secure knowing their parents or grandparents are nearby, and aging adults can have peace of mind knowing someone is there to help them when their physical health starts to fail.
Another benefit is if there are smaller kids in the equation, they’ll never lack someone to help them fix a snack or admire their lego creations!
Increased Opportunities for Education and Job Training
With multiple generations living together, many educational and job training opportunities exist. Younger family members can receive guidance and support from their older relatives, helping them pursue their educational and career goals. It also means older family members can learn new skills and pursue new interests, keeping their minds active and engaged.
360-Degree Emotional Support
In a multigenerational home, family members are able to provide emotional support to one another on a daily basis. This can lead to a stronger sense of belonging, reduced stress and anxiety, and improved mental health overall. When family members have each other’s backs, it can provide a sense of security and comfort that is unmatched.
Improved Intergenerational Relationships
Living with multiple generations can also help to improve relationships between different age groups. Children can learn from older family members and form close bonds with them, while older family members can feel fulfilled by sharing their experiences and wisdom. This can lead to stronger family ties, greater respect, and a deeper appreciation for each other.
Multigenerational living can also provide a sense of belonging and a shared sense of purpose, which can help to reduce feelings of loneliness, depression, and anxiety.
Potential Downsides of Living in a Multigenerational Household
Buying a multigenerational home in Oakland can be a fantastic option for families looking for a unique and cost-effective living arrangement. However, like any other form of housing, it also has potential downsides that should be considered before making any big decisions.
Privacy Concerns
In multigenerational homes, privacy can become a thorny issue for the entire family. Each person has different needs, lifestyles, and schedules, making it difficult to balance everyone’s needs for space and privacy. Children may need their own rooms for studying and sleeping, while grandparents may prefer a quiet space to relax rather than sharing a noisy all-purpose family room.
Differences in Lifestyle
When multiple generations live together, they may have different opinions, habits, and lifestyle choices, which may lead to conflicts. For example, one family member may prefer a quiet household, while another may enjoy hosting large gatherings and social events. Finding a balance between these different lifestyles can be challenging and may require open communication and compromise.
Responsibility Conflicts
Sharing a home with multiple generations also means more people are involved in the decision-making process, which may lead to conflicts over responsibilities. For example, who will clean the house, do the grocery shopping, or take care of the kids? It’s important for families to have open and honest communication about expectations, duties, and responsibilities to avoid any misunderstandings.
Is Multigenerational Living for You?
By bringing together multiple generations under one roof you can provide caregiving assistance, enhance family members’ bonds, boost financial health, and improve everyone’s sense of well-being.
Multigenerational homes can also provide an affordable solution for first-time home buyers struggling to compete in the current real estate market. However, it’s important to consider the potential downsides of multigenerational living, such as privacy concerns and tension among family members.
Regardless of the challenges, living in a multigenerational home rather than a single-family home is a unique and rewarding experience that can bring families closer together and provide various benefits.
Are you interested in exploring multigenerational households? If so, it’s best to work with an experienced real estate agent in Oakland who will help you find the right home to meet the needs of your multigenerational household.
