The Benefits of Living With Your Parents as an Adult with Children [Perks of Multigenerational Homes]
The number of multigenerational homes continues to rise in America. Why? Well, there are a number of benefits to living with both your parents and your children. And in case you suppose this multigenerational trend is a new thing, it’s not! Up until the years immediately following World War II, multigenerational housing was quite popular. It fell out of favor in the post war years and is now slowly making its comeback as a functional, flexible, and even charming way of life. So, let’s start at the beginning, first defining the multigenerational home and then discussing the perks that come along with it.
The Multigenerational Home Defined
According to the U.S. Census Bureau, a multigenerational home is one in which two or more adult generations are living under the same roof. The definition also includes grandparents living with grandchildren who are under the age of 25.
A multigenerational home is one in which families, including extended families, live together under one roof. In many instances, these homes feature open floor plans with adaptable spaces which allow for multiple activities that bring the family together.
In addition, these multigenerational homes have private suites which allow the adults in the home a measure of privacy not afforded to them in communal spaces. These suites often contain a bedroom and private bath as well as a sitting area and, in some instances, a kitchen and separate entrance along with the doorway connecting it to the home. In this way, multigenerational homes deliver independence for older loved ones as well as safety as they age.
The Benefits of Multigenerational Homes (aka The Benefits of Living with Your Parents as an Adult with Children)
- Easier to meet each family member’s needs – Every family member may benefit from the increased support and reduced living expenses of living in multigenerational homes in Florida:
- Children may receive more time and attention when there are more additional adults in the household to give it to them
- Young adults may gain the support, financial resources, and ability to pursue higher education, unpaid internships, entrepreneurship – or make career changes
- Parents may enjoy more date nights and couples-time when their children are also being cared for by live-in grandparents
- Older adults may age in place longer without needing to go into adult living facilities or hire in-home companion care
- Positive impact on mental and physical health – At least one study has shown how healthy people living in multigenerational households live longer than healthy people living on their own. Since family support encourages feelings of wellness and stability, being surrounded by family every day may prove to be better for mental health than occasional family visits
- Higher education and career changes are easier to attain – Higher education costs can be prohibitive and changing careers can be financially risky. However, people receiving the financial and emotional support of loved ones in multigenerational homes in South Florida may be in a better position to improve their future than those going it alone while keeping a roof over their heads, dealing with childcare and providing the necessities of life
- Shared Financial Expenses – Maintaining two households is obviously more costly than one. As family members come together, pooling resources, expenses can be addressed more readily, and finances can be allocated more successfully. In many cases, senior family members who have long weathered the financial burden gain some much needed relief when they share their home and expenses with other family members. For the younger generation, living alone or with their own children means mounting costs. Living with older family members, such as parents or grandparents eases the burden, allowing younger family members to tackle accumulated debt, save and invest, and contribute to the household expenses. The cost of living is high today especially in larger cities, and multigenerational homes and shared expenses certainly lowers the cost.
- Shared Responsibilities – Those in multigenerational homes not only share financial responsibilities, but also the physical upkeep that comes with home ownership. From vacuuming to lawn duties, painting to cooking, repairs to laundry, and all the responsibilities that are a part of home ownership, in multigenerational homes everyone does their part (age and ability appropriate, of course). Younger members are often responsible for lawn care and other heavy lifting, while older members can focus on less demanding household chores. In addition, when senior family members need additional assistance to remain independent, multigenerational housing options often make sense, while saving time, money, and energy.
- Home Security – While not often considered in regard to the benefits of extended family households, multigenerational living can help ensure home and family safety. With several generations living under one roof, your home is nearly always occupied. It also means someone is always present to help with the children as well as elderly family members.
- Stronger Families – In the past, family gatherings were often weekly, strengthening family bonds regularly, and the multigenerational living brings back that benefit. Extended family households have the luxury of helping one another and growing closer. Grandchildren learn to respect and connect with their elders, while grandparents act as role models, helping both their children and grandchildren. Numerous studies have shown grandparents regularly involved in their grandchildren’s lives have a positive influence on their grandchildren along with a healthy and loving relationship. Extended family households also mean elderly family members don’t feel lonely and disconnected from their family or fear for their own safety, which means they gain an enhanced quality of life as they grow older. Spending quality time with family means all the generations share strong bonds as they help one another on a daily basis in big and small ways.
The truth is multigenerational living provides all these benefits and more. Every family is different, with unique needs but there is much to gain from an extended family household.
How Do I Know If I’m Ready to Buy a Multigenerational Home?
There are many planning and financial factors to consider when deciding if you’re ready to live in a multigenerational home. And, you’ll need to consider the needs of all family members before making the decision.
Consider the current and future needs of all family members. Ask yourself – and all adult participants questions like, do we plan to have more children? Does this home provide room to grow? Will our growing children soon need/want more space and privacy? Is there good medical care nearby for aging parents? Are our older parents able to navigate stairs or will they need a ground floor bedroom? Does everyone understand the ground rules and their financial responsibilities in the situation? These questions are just some things to consider before deciding to buy a multigenerational home in South Florida.
Can you afford to buy a new home right now, either on your own or with other adult family members? How will each adult generation contribute to the family finances? Who will own the home and bear responsibility for the mortgage?
Why Are Families Moving to Multigenerational Homes?
The reasons many families move to multigenerational homes are as varied as the types of families making the decision. Here are some of the most popular reasons today’s families choose to live in multigenerational homes.
Families living in multigenerational homes can pool their financial resources. One mortgage payment will almost always be cheaper than two or more separate mortgage or rental payments. Families living under one roof can also save money on utilities, cable, internet, groceries, childcare, and more.
Emotional and Physical Support
Whether it’s the emotional support you derive from living with family – or the ability to physically care for aging parents, multigenerational living supports the whole family in ways living apart can’t compare.
Childcare can be expensive and inconvenient. Having your parents care for your kids while you work can be an excellent solution. What could be more convenient than having your parents living with you and helping to care for your kids in your own home?
Aging in Place
Most older people want to live independently as long as possible. Some seniors find it difficult to keep up with housekeeping, medication scheduling, shopping, food preparation and more. Seniors living with adult children and their families may be better able to age in place rather than avail themselves of more impersonal and costly adult living situations.
Stronger Family Bonds
Extended families living together are likely to experience stronger family bonds than those who don’t.
Are You Ready to Explore the Benefits of Living With Your Parents Again in a Multigenerational Home?
Multigenerational households are increasing every day in America. If you are interested in the potential benefits for your family, Sky Cove of Westlake in West Palm Beach has the perfect home for you and your family. Our multigenerational floor plan includes a spacious, luxury kitchen with quartz or granite countertops, hurricane impact glass windows, oversized backyard, and more!
Plan your visit and see what the community has to offer family members of all ages. Contact Sky Cove of Westlake today!
Multigenerational Homes FAQs
1. What is a multigenerational home?
Multigenerational homes have at least two adult generations living together.
They may include a couple living with their children and parents or in-laws, adult kids living at home with their parents, or any other situation involving multiple generations. Multigenerational living also includes grandparents raising grandkids under the age of 25.
While multigenerational living is common in many cultures, it has only been gaining popularity in the US in recent years for various reasons – and trends show it may become even more prevalent in the coming years.
2. What are the benefits of a multigenerational home?
Multigenerational living has many benefits, including:
- Shared expenses, from the mortgage to utilities to groceries
- More people sharing housekeeping and child-rearing responsibilities
- Improved home security since there’s more likely to be somebody home
- Stronger family bonds since you see each other every day
- Easier to accommodate the care needs of each family member
- Positive impact on mental and physical health
- Ability for some family members to pursue higher education or make career changes
If you want to explore how a new Sky Cove – or Sky Cove South of Westlake home can help you enjoy the benefits of multigenerational living, contact us today by clicking here, sending an email to email@example.com, or calling 561-792-3004.
3. How to choose a multigenerational home?
Every family’s needs are unique. Before looking for multigenerational homes, sit down with everybody to discuss what your expectations are.
Do you want a layout with two master suites? Is it crucial for everybody to have their own bedroom? Will you want a den or loft where everybody can spend time together? You might not find everything your family wants in one home, so it’s important to prioritize which features are the most important.
Do you still have questions about choosing a multigenerational home at Sky Cove or Sky Cove South of Westlake? Call us at 561-792-3004, email firstname.lastname@example.org, or click here for more information.
4. What to consider before buying a multigenerational home?
Many factors go into deciding whether you should buy a multigenerational home and what features you need when you look for one. Some of the things you should consider include:
- Who will actually own the home and be responsible for the mortgage, insurance, taxes, etc.?
- Does everyone understand what is expected of them financially, physically and emotionally?
- Is this the best solution for everyone involved?
- Will your parents be physically able to meet your childcare needs?
- Will you be able meet the caregiving needs of your parents?
5. How common are multigenerational homes?
Generations United estimates 66.7 million American adults (more than 1 in 4 Americans) currently reside in multigenerational homes. While there may have been an increase in people moving into multigenerational homes during the COVID-19 pandemic, more than 7 in 10 people (72%) who currently live in a multigenerational household plan to keep doing so.
Since more people are realizing the benefits of multigenerational living, it’s likely to become even more commonplace, especially as living, education, and childcare costs continue to rise.