Creating Affordable Homes for Multigenerational Living (2024)

FAQs

What are some disadvantages of multi gen homes? ›

Living in a multigenerational home not only gives you peace of mind knowing your elderly parents are close by but also strengthens family relationships. Families can connect daily, play games, prep dinner, help with homework, or watch their favorite TV program together.

Multigenerational households — three or more generations under one roof — made up 4.7% of all U.S. households but 7.2% of family households in 2020, an increase from 2010. Family households are those with at least one person related to the householder by birth, marriage or adoption.

Some of the best multigenerational, or 4500 to 5000 square foot, floor plans keep versatility, privacy, and functionality in mind. Because there are various ages and family members with different special needs living under one roof, a floorplan must consider all the possible scenarios for a large or growing family.

According to a report by Pew Research Center, the number of people who live in multigenerational households quadrupled between 1971 and 2021, now representing 18% of the US population. What's driving this growth?

This is especially true for elderly parents who move in with their adult children. Living in a multigenerational household has several benefits, including: Increased familial bonds: Strong family bonds can be built through living together and getting to know each other well.

After all, developers can't build if they aren't going to earn any money from the project. Affordable housing developers can choose to defer a portion of the fee, leaving more money to cover development costs. The developers then recoup the deferred portion of the fee as rents are paid over time.

Where is the best place for multigenerational families to live? ›

Areas with high living costs, large immigrant populations, and housing shortages are abundant with multigenerational homes, which explains why Hawaii (15.7%) and California (12.3%) report the highest percentages of people in multigenerational households.

These trends continued through 1980 when only 12% of the US population lived in a multigenerational household, the lowest in history. But since 1980, multigenerational living has become consistently more popular, with one-in-five Americans living in a multigenerational household in 2016.

The share of the U.S. population in multigenerational homes more than doubled between 1971 and 2021. Now, about one in five Americans lives in a multigenerational home. As housing costs have risen, more families are pooling resources to afford buying a home or making rent payments in expensive markets.

A multigenerational home is a household made up of three or more generations living together under one roof. Typically, that is 2-3 related adult generations, as well as children. If you're a grandparent, that's you, your child, both your partners (if present), and your grandchildren.

Strategies for building generational wealth include investing in education, financial markets, and real estate, and creating and preserving assets. Maximizing tax benefits and avoiding debt are crucial for building generational wealth.

Both multigenerational house plans and multi-family homes offer flexible housing options. However, if you're building or buying a new home, it may be helpful to understand a more specific definition for each of these terms. Multigenerational house plans accommodate different generations under the same roof – literally.