How Buying a Multi-Generational Home Helps with Affordability Today
In the current Kansas City market, housing costs are still rising. Are you among the many buyers still searching for a way to purchase a home? Multi-generational living could be the answer.
What is multi-generational living? This solution means two or more adult generations live together under one roof, including siblings, parents, or even grandparents. Let's explore why more buyers are choosing this prospect in the current Kansas City housing market to see if this option is right for you.
Reasons To Buy a Multi-Generational Home
A recent study by the National Association of Realtors (NAR) found that the leading two reasons people are opting for multi-generational homes today are connected to affordability (see graph below):
Cost Savings: Data indicates about 28% of first-time buyers and 11% of repeat buyers prefer a multi-generational home to save on costs. What makes this a more affordable option for homeowners? When resources are pooled, households are able to share financial responsibilities such as mortgage payments, utilities, property taxes, and maintenance. This proposes a valuable alternative for first-time homebuyers needing help to afford a home in the current KC market.
More Space: Another 28% of first-time buyers and 18% of repeat buyers are switching to multi-generational living out of a desire for a larger home that would otherwise be out of their budget. Within the repeat buyers who marked a need for more space as a primary motivator, it is possible they find themselves taking care of loved ones. As seasons of life change, older parents may require extra care while young adults return to the nest, creating a need for additional space. With multiple individuals combining their incomes, that big dream home with abundant space is achievable. As the Triangle Business Journal explains:
“Choosing multi-gen living allows people to purchase a home much larger than they could afford on their own by leveraging the combined income, credit and a down payment of those that they will be occupying the home with.”
Lean on an Expert
Does multi-generational living sound like an option you want to explore? The next step is to partner with our real estate experts on the Just Say Home Team. While worthwhile, finding the perfect multi-generational home can present more challenges than shopping for a regular house. As more people become involved in the homebuying process, there are additional opinions and needs to consider.
The perfect multi-generational home should ensure everyone has their own space, include room for shared household time, and potentially even create adaptable areas for older relatives. It’s a puzzle, and the pieces need to fit just right. Our Just Say Home Team will use their expertise and local knowledge to help you find the perfect home where everyone can be comfortable without breaking the bank. As MoneyGeek.com puts it:
“Having a good multi-generational property can improve the prospects of success when living with loved ones. A multi-generational home should fit the specific needs of most family members regardless of age or health. Speaking to a real-estate agent can help you gain clarity and locate a fit.”
Are you looking to buy a home in the Kansas City area, but struggling with the current affordability challenges? A multi-generational home could be the solution. When you team up to share expenses, you can make your dream of homeownership more attainable. Is this an alternative you want to explore for you and your loved ones? The Just Say Home real estate experts are ready to help you find your affordable, perfect fit!