Has the pandemic has made you reevaluate your living arrangements? Are you considering establishing a multigenerational household or continuing to maintain an existing one in your post-pandemic life? You’re not alone.
The lifestyle option is gaining ground.
For one, it can benefit every generation by minimizing seniors’ sense of isolation (https://on.wsj.com/3dvcnAZ), helping millennials who are struggling with student loan debt, allowing grandkids to bond with grandparents, and giving baby boomers a hand either financially or with childcare or both.
The National Association of REATORS® looked at reasons for purchasing a multigenerational home (https://bit.ly/3dx5vDu) both before Covid-19 and during Covid-19.
Before the pandemic, there was an even split between buyers who bought a home to accommodate aging parents and for those accommodating adult children.
Now, the top reason is to bring aging parents into the house. Other reasons include kids over the age of 18 moving back and saving money.
In “Family Matters: Multigenerational Living is On the Rise and Here to Stay” (https://bit.ly/32qAyul), Generations United also found that the pandemic as motivator multigenerational living.
Fifty-seven percent of respondents saying they started living with or are continuing to live with multiple generations due to the pandemic, and 72% currently living in a multigenerational household plan to do so for the long term.
Still, such living isn’t without its challenges. Three tips Generations United offer for peaceful living include:
- Physical space. When designing or renovating a home for multigenerational living, incorporate universal design principles, private spaces for everyone, and shared gathering spaces.
- Money. Agree on how household finances will be managed and how much each person will contribute.
- Realistic expectations, personal time. Find ways for everyone to have time and space for themselves, and discuss privacy, responsibilities, and compromises required to make the lifestyle work for all.