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Keeping it in the Family: Multigenerational homes enrich lives and wallets

Over the past decade, the U.S. experienced a steady increase in the number of Americans living in multigenerational homes, defined as having three generations living under one roof. The trend represents a return to an earlier time, when families regularly lived together.

The Growth of Multigenerational Living

In 1940, multigenerational homes were the preferred style of living in the U.S., with about one-quarter of the population living with three or more generations in one home. The next half-century saw the growth of suburbs and an increase in families living separately. But due to economic and demographic changes in the U.S., many are again embracing the advantages of having family around to help with household chores, finances, and emotional support.

A 2016 Pew Research report found that close to 1 in 5 Americans now live in multigenerational households, now referred to as multi-gen and “Next Gen” housing. Multiple factors contributed to the change, including a shifting population and a change in cultural attitudes.

The Advantages of Multigenerational Living

Numerous studies have shown the mutual benefits of retaining tight bonds with family. Children who grow up in households with both parents and grandparents have been found to do better in school and have fewer behavioral issues. Older adults who spend more time with their grandchildren have also been shown to live longer lives.

Living in a multigenerational home also eases the burden on your finances because costs are shared. Not only mortgage costs, but also monthly utility bills and groceries can be easier to manage. And splitting household chores may make upkeep easier, while shared caretaking duties can help create a more connected family dynamic. Plus a multi-gen home is also more environmentally friendly, as there is less wasted space overall.

Arizona: A Center for Multigenerational Living

Nowhere is the multigenerational living trend taking off more than Arizona. According to U.S. census data, Arizona makes up 4.5% of all multi-gen homes nationwide with only 2.5% of the population. Part of this is due to the high percentage of Hispanic families living in the state. The 2016 Pew Research study found that close to 25% of Hispanic and Asian families live in multi-gen homes. Increasing immigration to the U.S. will likely result in even more families taking part in this type of living arrangement.

Vantage West Can Help You Keep it in the Family

Due to demand, Arizona home builders are increasingly designing homes for multigenerational use. Both the Greater Phoenix region and the city of Surprise have won Intergenerational Communities Awards from the organization Generations United, showing the state’s commitment to providing quality Next Gen housing.

If you are looking for that next home, Vantage West Credit Union can help. We offer Conventional, FHA, VA, and Jumbo loans with competitive rates and a mortgage team that helps you navigate the entire process. For more information, contact our mortgage team at (800) 888-7882 or visit us at VantageWest.org.

Loans subject to approval. Mortgage options subject to change without notice. Certain restrictions may apply. NMLS# 485751

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