Multi-Generational Homebuying Hit a Record High: Here’s Why More Families Are Teaming Up

Think buying a home is out of reach? You’re not alone—and you’re not out of options.

Across the country (and right here in Georgia), more families are getting creative to make homeownership work. One growing trend? Multi-generational living. According to the National Association of Realtors (NAR), 17% of recent homebuyers purchased a home to share with parents, adult children, or extended family. That’s the highest it’s ever been.

Why the Shift? It’s All About Affordability

Once upon a time, caregiving was the main reason families moved in together—especially to support aging parents. That’s still a factor, but in 2024, 36% of buyers said they chose a multi-generational home primarily to save on costs. Just a few years ago, that number was less than half.

And with today’s home prices and mortgage rates? It’s easy to see why families are pooling resources.

How Teaming Up Makes It Possible

Buying a home with family means more than just splitting the mortgage. It can also mean:

• Shared utility bills and household expenses

• Bigger homes with more space to spread out

• Support for childcare or elder care under one roof

As Rick Sharga, CEO of CJ Patrick Company, puts it:

“There are a growing number of multi-generational households across the country today, and affordability is one of the reasons for this.”

And Chris Birk, VP at Veterans United, adds:

“Multigenerational homes are more than a trend: They are a meaningful solution for families looking to care for one another while making the most of their homebuying power.”

This isn’t just happening in big cities either. In areas like Savannah - where housing demand remains strong and prices have climbed - multi-gen living can be a way to stay in the community you love without stretching your finances too thin.

Would a Multi-Gen Home Work for You?

Maybe you’ve considered buying a home with a parent or grown child—or maybe this is the first time you’ve thought about it. Either way, this could be a smart way to turn “someday” into “we closed!”

The key is working with an agent who understands the local market, zoning, and layout needs (like private entrances, dual living areas, or in-law suites).

Bottom Line:

Multi-generational living isn’t just practical, it might also bring your family closer while helping you afford a home that would otherwise be out of reach.