If you are having trouble affording a home on your own or are concerned about the health and safety of an aging loved one, you may be thinking about
buying a multi-generational home. You are not alone.
“The number of households with two or more adult generations has quadrupled over the past five decades,”
CNBC reports. It is estimated that 18% of U.S. households are multi-generational.
“When asked why they share their home with relatives, Americans often give practical reasons related to finances or family caregiving. But the experience also has an emotional component,” according to
Pew Research Center. Approximately a quarter of adults living in a multi-generational home say that it is stressful some or most of the time; however, more than twice that number say it is mostly or always rewarding.
Types of Multi-generational Households
A multi-generational home is defined as “a home that has two or more adult generations living together. This can include siblings, parents, and even grandparents.” Multi-generational households can look different, but here are the most common types:
- A Three-Generation Household consists of three generations of a family, such as one or more working-aged adults, one or more of their adult children, and their grandchildren.
- A Two Adult Generation Households consist of either young adults living with their parents or older parents living with their adult children.
- Grandfamilies include grandparents living with their grandchildren.
- Four-generation Households are less common but consist of four or five generations in one household – parents, grandparents, great-grandparents, adult children, and their younger children.
Benefits of a Multi-generational Household
Generations United reports the following benefits of living in a multi-generational house:
- Enhanced bonds or relationships among family members (79%)
- Improved finances for at least one family member (76%)
- Positive impacts on personal mental and/or physical health (76%)
- Making it possible for at least one family member to continue school or enroll in job training (71%)
Additional benefits, especially for older adults living with their adult children, include the following:
- The ability to share financial and other responsibilities, lightening the load for everyone. Multiple people can pitch in for groceries, utilities, etc., and chores, such as grocery shopping, cleaning, etc., can be shared. Minimize loneliness, especially for aging adults.
PBS reports, “Surveys reveal that around 60 percent of people in the U.S. right now report feeling lonely on a pretty regular basis.” According to the
National Institute on Aging (NIA), “Research has linked social isolation and loneliness to higher risks for a variety of physical and mental conditions: high blood pressure, heart disease, obesity, a weakened immune system, anxiety, depression, cognitive decline, Alzheimer’s disease, and even death.”
- Emergency assistance – “About 36 million falls are reported among older adults each year—resulting in more than 32,000 deaths. Each year, about 3 million older adults are treated in emergency departments for a fall injury,” according to the
Centers for Disease Control and Prevention (CDC). “One out of every five falls causes an injury, such as broken bones or a head injury.” If someone living alone falls and can’t get up, they can lay there for days. That is less likely to happen in a multi-generational home.
- Manage health conditions. “Approximately 85% of older adults have at least one chronic health condition, and 60% have at least two chronic conditions,” according to the
NIA. “The incidence of medication errors was 69% among older patients,” according to the
Journal of Nursing and Midwifery Sciences. If an older adult lives with a family member, they can help manage those health conditions and concerns.
Buy a Multi-generational Home
Are you among the growing number of Americans who have decided to buy a multi-generational home? Look no further! Pete Heim has over 25 years of experience helping customers like you buy a home. With his knowledge and connections, he’ll help you find a multi-generational home to suit everyone’s needs.
Call him today at
610-745-3378
or
610-898-1441, or
connect with him online.
