The 5 Benefits of Multigenerational Living (and 4 Things to Keep in Mind)
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Nearly 18% of American households include two or more adult generations. That number is predicted to continue to rise, especially as many young adults find homeownership out of reach due to high mortgage rates and low housing inventory. It could also be an elder or family member facing a life event who may be joining the household. And in many cultures, generations living together is a common occurrence.
If your clients are considering this option, share these tips to help them prepare for the best outcome.
Benefits of Multigenerational Living
- Ensuring Loved One is Safe — Having a loved one who can no longer live by themself is one reason many families consider a multigenerational option. It could be an elder or a family member who needs assistance with medical needs. With the family member living in close proximity, it is easier for other members to keep an eye on them and ensure they are safe.
- Child Care — With the cost of daycare so high, a family member, often a grandparent, may move in to assist with the day-to-day care of a young child. It can also help strengthen the bonds between the generations.
- Provides Young Adults a Temporary Living Arrangement — High mortgage rates, low inventory and hefty college loans keep many young adults from achieving home ownership right now. Living at home with mom and dad might not be ideal but for many, it’s the only option they can afford. Doing so also allows them to save money for a potential move in the future.
- Companionship — Many older adults are not ready to leave their home but may feel lonely if their spouse has passed away or other family members no longer live close by. Having someone move in, whether it be a family member, friend or a person renting a room, can help alleviate some of that loneliness. In fact, many studies suggest that living with others will prolong lifespans.
- A Financial Safety Net — Living with others who contribute to the overall household budget can offer protection from a catastrophic illness or event wiping out finances. It can also provide a safety cushion for an elder who may not have enough savings or a family member who has had a job loss or other significant life event.
Things to Keep in Mind
While there are many benefits to multigenerational living, there are also some things to keep in mind to ensure the transition is smooth.
- Establish Guidelines Ahead of Time — It’s important that everyone is on board ahead of time with the expected rules of the house, such as expenses, using appliances and letting everyone know each other’s schedules.
- Lack of Privacy — It’s only natural that with more people in the home, there will be a lack of privacy. It may take a bit of time but respecting each other’s schedule and boundaries will help. Communication here is also key. For example, knowing someone is not a morning person will help alleviate hurt feelings when that person shuns conversations at that time.
- Personality Differences — Young adults in particular, who have been living away from home at college, may squawk at guidelines their parents set. Ongoing communication, flexibility and respect for each other’s views will help both sides resolve tensions.
Elders may be feeling sad that they no longer are the head of the household and/or that they are a burden. Including them in family meals and fun activities will make them feel like part of the family. Asking them to be responsible for certain tasks may help them feel involved in the household.
- Adjustments to Living Space — Converting living spaces may be necessary as well as sharing common areas. There may also be extra expenses if any renovations are required or if any additions, such as an in-law apartment or ADU (accessory dwelling unit), are built.
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