US families are increasingly buying homes to house members of multiple generations.
A record 17% of home purchases last year were “multigenerational” properties, up from 11% in 2021 and the highest share in data going back to 2012, according to a report from the National Association of Realtors.
Among buyers of all ages, 36% said cost savings was the top reason for purchasing a multigenerational home, according to NAR. Members of Generation X, roughly aged 45 to 59, were the most likely to make a such purchase, citing the need to take care of aging parents and because their adult children never left home or are moving back.
Multigenerational housing is not a new concept, but has gained popularity since the pandemic as inflation has crimped household budgets and soaring home prices have made it harder for people to afford houses.