This is a great article. It points out the reasons that homebuyers are combining incomes and assets to purchase homes.  Here in Parker, Colorado and the entire Denver Metro Area, homes prices are pricing out homebuyers.  We're finding that the minimum price for a relatively nice home is about $600,000.  The sweet spot seems to be in the $650,000 to $750,000 price range.  Most single homebuyers simply do not make enough money to afford/qualify for these homes.  So, what can they do?  Find a relative, friend or even an acquaintance that is facing the same problem and go together to purchase a home.  There are plenty of homes that will accommodate these buyers.  The best ones are those that have finished walk-out basements.  Many of these basements have full kitchens.  It's just a matter of who gets the upstairs and who gets the basement.  


What about when one of the home owners is ready to move on?  That needs to be handled up front.  Put together a legal agreement that specifies how to handle that situation.  You might simply sell the home, split the profit and move on.  Or, the owner that wants to stay, could refinance and pay the other his equity share.  Or, other options that might work.


We see homes every day that would be perfect for two households.  Let us know if we can help.

The Top Benefits of Buying a Multi-Generational Home

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):


First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big dream home with more space could be more within reach.

But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios explains:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents).”

Lean on an Expert

Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It's like solving a puzzle, and the pieces need to fit just right.

So if you're interested in the many benefits multi-generational living offers, partner with a local real estate agent who has the expertise to help.

Bottom Line

Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, let’s connect.