More and more families are choosing to live in multi-generational homes, with nearly one in five Americans now living in a multi-generational arrangement.
A multi-generational home is defined as a home with more than one generation (not counting young children or teens) living under one roof—this could encompass anything from adult children moving back home with their parents to aging parents moving in with their adult children.
An increasing—and increasingly diverse—immigrant population can partly help explain the shift toward multi-generational living, as Asian and Hispanic families are culturally more likely to live in multi-generational households.
The benefits of multi-generational living are many, and include far more than just a significant cost savings. Younger adults can help care for elderly parents, for instance, or grandparents and older family members can provide child care.
If you’re wondering whether a multi-gen home is right for you, here’s what you need to know before making the decision.
Who will pay for what?Living in a multi-generational household means sharing financial responsibilities. Family members should have a candid conversation to go over budgets and decide who will cover mortgage and utilities, who will pay for groceries or dinners out, and whether family members can contribute by providing services in lieu of cash.
Is your floor plan designed for multi-gen living?Multi-generational living has many benefits, but it can be difficult to find a home that matches perfectly with your family’s needs. Homewood has great floor plans that can be modified to accommodate large families. For instance, the roomy Lauderdale floor plan can be adjusted in a few different ways to work for multiple generations. A third-car garage can easily be transformed into a second master bedroom with bathroom, or the lower level can be finished to add a separate kitchen, bathroom and bedroom complete with a private entrance into the home.
Will everyone have enough privacy?Loss of privacy is the biggest drawback for multiple generations living together. Look for a home that offers separate entrances, as well as a floor plan, such as the Lauderdale, with multiple gathering areas, such as a great room plus a family room.
Homewood offers plenty of floor plans that are perfect for multi-generational homes! Contact a sales representative to start customizing your multi-generational floor plan today!
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