Many people go to college and then live on their own or with a spouse or partner, visiting their parents and older relatives if time permits. But there are people who like to keep their family close – close enough to live under the same roof.
This is a concept known as multigenerational life and has become more popular in recent years. Human rights group Generations United estimates that about one in six Americans now live with their parents, grandparents, or other relatives. In total, this is more than 51 million Americans living in multi-generational families, up 10% from 2007.
If you are contemplating the idea of buying a house with older relatives or moving in with you, here are some of the benefits you can get from this kind of arrangement.
Start your path to financial success with a bang
Get free access to select products we use to help us meet our financial goals. These fully proven options can be the solution to help boost your credit score, invest more profitably, create an emergency fund, and more.
By submitting your email address, you agree that we will send you monetary tips along with products and services that we believe may be of interest to you. You can unsubscribe at any time. Please read our Privacy statement as well as Terms and Conditions…
1. Ability to split housing costs
It’s pretty obvious that having roommates can make rent cheaper. Well, the same can be said for living with older family members, which can help make your housing costs more affordable. For example, if you buy a house with your parents, you can divide the monthly mortgage payments. And if they still work, they can help others. home ownership costssuch as property taxes and maintenance. And speaking of Service, you will have other people who will participate in this work, provided that they can physically do it.
2. Avoid long-term care costs
Some people choose to age in their own home rather than moving into a nursing home or nursing home. But this is not always possible, and therefore older people and their families often have to bear the financial burden of long-term care. The advantage of sharing a house with older family members is that you can avoid these costs.
Just consider these costs:
- In 2020, on average, nursing home housing cost $ 51,600, Genworth reports.
- Meanwhile, the annual nursing home stay cost $ 93,075 for a dorm room and $ 105,850 for a private room.
- Even home health care assistants are expensive: last year they cost an average of $ 54,912.
Sharing multiple generations can lead to major savings for your family, while allowing your loved ones to age with dignity.
3. Free childcare services.
Childcare can be a huge expense for parents in need. But if you choose to share a home with your older family members, you can get free childcare under this arrangement. This can save you a lot of money, including daycare, after school, or summer camp. If you are buying a home with retired parents who are able to look after your young children, you will have someone to meet them at the school bus stop and be busy when school is not running.
Living with older family members can be challenging on its own, and privacy concerns can easily sneak up. But if you have people close to you, it might be worth considering living for several generations. This can be really helpful for everyone involved.