In today’s increasingly expensive housing market, multi-generational living has emerged as a practical solution for families seeking homeownership. By pooling resources and sharing living spaces, this lifestyle not only allows more people to achieve their dream of owning a home but also offers additional benefits in child and elder care.

Here's how your family can leverage this strategy:

• Financial Resources– Combine income, savings, and credit to build a strong financial foundation for purchase. By using all available resources, the family may be able to purchase a larger home than they could alone.

• Space Optimization– Multi-generational homes often feature separate living suites or accessory dwelling units (ADUs) or granny flats. Finding some kind of separation allows more flexibility and privacy.

• Shared Responsibilities– Discuss the distribution of chores, costs, and maintenance tasks. This not only provides for a shared burden but removes the opportunity for disagreement or disappointment.

• Estate Planning– Multi-generational homeownership can make inheritance strategies easier but can also create misunderstandings among siblings not involved in the living arrangements. Clear estate planning is essential.

• Clear Expectations– Be very clear about expectations for lifestyle. Discuss childcare, elder care, family time, etc.

The most important thing is to have open communication. Expectations on both sides can create challenges without clear guidelines and conversations. The benefits of multi-generational living can be enormous.

Studies show that children thrive when in regular interaction with grandparents and the elderly live longer when surrounded by family.

Prompted by the housing affordability crisis, multi-generational living is becoming more practical and desirable. With a little communication and planning, this offers families new options for owning a home.