Is Multi-Generational Living the Key to Affordable Housing?

By Monique Walker

Monique Walker has 21 years of experience successfully buying and selling homes in the Phoenix market. She knows the neighborhoods, schools, and the local economy. Monique and her team do all the leg work, keeping you up-to-date with new listings and conditions as they impact the market.

How can multi-generational living help you afford a home? With home prices soaring and interest rates climbing, it’s no wonder buying a home feels unattainable. But don’t say goodbye to your homeownership dreams just yet! If you’re struggling to find or afford a home, multi-generational living could be the answer to those problems. So what exactly is it and how is it helpful?

What is Multi-Generational Living? Multi-generational living is when you and your family members buy a home together and share ownership. Since 2020, this arrangement has become more popular, with 14% of homebuyers now looking for multi-generational housing.

How Can It Make Housing Affordable? Here’s the best part! Multi-generational living allows family members to come together and combine their incomes. This makes it easier to afford a home and cover big expenses like down payments, mortgages, and utilities.

Increasing prices and interest rates can really make you feel like owning a home is out of reach, but multi-generational living could be your game-changer! I know it all sounds almost too simple, so if you need to clear anything up or have any questions, don’t hesitate to call or message me anytime. I look forward to hearing from you!