Multi-generational living is rising: 17% of homebuyers now purchase a home to share with parents, adult children, or extended family — the highest share ever recorded by the National Association of Realtors (NAR). That shift reflects changing priorities and practical responses to affordability pressures, and it’s reshaping how families approach homeownership.

The driving force behind the increase is clear: cost savings. In 2024, 36% of homebuyers cited “cost savings” as the primary reason for buying a multigenerational home, up significantly from just 15% in 2015. While caregiving—especially supporting aging parents—remains an important motivator, affordability has become the top reason families choose to live together under one roof.

Today’s home prices and mortgage rates make solo homeownership challenging for many. By combining incomes and sharing expenses like mortgage payments and utilities, families can overcome financial barriers that might otherwise keep them renting. Pooling resources can also allow buyers to qualify for a larger home than they could on their own, giving everyone more space and flexibility.

As Rick Sharga, Founder and CEO at CJ Patrick Company, notes, purchasing a property with a family member is one of the practical ways families are improving affordability and expanding homebuying options.

Historically, caregiving drove multigenerational purchases—particularly for those supporting elderly relatives. That motivation remains, but affordability has risen to equal or greater importance. Combining the practical benefit of shared caregiving with the financial advantages of pooled resources makes multigenerational homes a meaningful solution for many families.

As Chris Berk, VP of Mortgage Insights at Veterans United, explains:

“multigenerational homes are more than a trend; they’re a solution for families aiming to care for one another while maximizing homebuying power.”

Nearly 3 in 10 homebuyers (28%) say they plan to purchase a multigenerational home. That level of interest suggests this housing approach is moving beyond niche use and into mainstream consideration for families facing tight budgets. The best way to determine whether it works for a particular situation is to consult a local real estate agent who can evaluate family needs, financing options, and neighborhood suitability.

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Bottom line

If budget constraints are limiting options, buying a multi-generational home can be a smart, practical solution. Pooling resources can increase affordability, provide room for caregiving needs, and enable families to buy larger homes than they might individually qualify for.

✅ Would you ever consider buying a home with a family member? Why or why not? Let’s connect to talk through your options.