A trend I’m seeing among clients trying to achieve their dream of owning a home, but who feel they may be getting priced out of the market due to ever increasing home prices is this…they are pooling their resources with family members. It’s called “Multi-Generational Households” and it’s on the rise. As of 2024, about 20% of Americans are living in Multi-Generational Households…it’s a throwback to previous generations where this was common practice. By combining income and down payment funds with other family members, they are able to either buy a larger home which can accommodate everyone, or buy a home with an ADU (Accessory Dwelling Unit)- a secondary housing unit located on the same lot as the single family home.

Now, first and foremost you have to decide if you can live in close quarters with your family members! But if you can, there are advantages to this:

• You share the expenses of the home…the mortgage payment, taxes, insurance, utilities, repairs, improvements, etc
• By pooling resources you are more likely to qualify for a larger home than you would have on your own
• Grandma & Grandpa (or other family members) can be close by to help out with childcare
• It gives an elderly parent the option of not having the expense of an moving into an assisted living facility

Of course this isn’t for everyone, but it’s one option to consider that could help you achieve the dream of owning your own home.