At some point in our lives, we all come to the realization that our loved ones and extended family may need our help or at the very least our care in terms of a space to live or stay. Depending on how close you are to your family, the list of potential multigenerational housemates may be short but when it comes to choosing to live with loved ones–whether parents, grandparents or beyond–there are some things you should consider.
With one in every five households living the multigenerational lifestyle, it’s becoming more ubiquitous in the United States, but is living with extended family for you? Let’s look at some of the considerations.
Once Common, Now Common
Multigenerational living was very much a common part of the American household up until the 1950s. From then, multigenerational households began falling through the 1980s but have risen ever since. In fact, multigenerational households have mostly reached their 1950’s high all these years later, and there are few signs that this trend will ease.
Most commonly, we see adult children living with their parents. This is becoming increasingly common as college graduates look to get on their feet and save a few bucks by living at home. However, with COVID-19 affecting millions of families across the world and the job market to boot, there has been a new high reached in adult children-parent multigenerational living–one not seen since the Great Depression.
Reasons for Multigenerational Living
Perhaps the main reason adult children are living with their parents is the significantly lowered financial burden of living independently. As parents know, it can be hard living by yourself and expensive even with decent wages. Multigenerational living eases the financial burden on adults getting into the job market and may help their parents by sharing costs.
In the realm of caring for the elderly or disabled, multigenerational living can ease the burdens of care costs by virtually eliminating the need for expensive nursing homes or rehabilitation facilities. While in-home care may be unavoidable, it comes at a fraction of the cost of full-time living expenses.
In both cases, sharing the workload and responsibilities around the home can be a nice benefit and help everyone out.
Reasons Against Multigenerational Living
For every pro in multigenerational living, there is a con. Naturally, having more people under a roof can significantly lower the amount of livable space and make even large homes seem fairly small. Sharing space, especially if you haven’t had to in years, can be difficult to do. Sharing space also means sharing time and working around schedules especially if one family member is working or has obligations while others do not.
More people also means less privacy and a little bit less discretion. Again, these things can be difficult to re-adjust to for elderly family members who maybe have been on their own for a few years. For adult children, the same goes, but coming from a college setting or living alone can drastically reveal some of those “discretionary” flaws that college life can tend to numb.
Finally, with elderly parents or family members who need additional care, unless you have the means to provide some at-home care, you’ll likely need to be the caregiver yourself. This can be both physically and emotionally challenging.
When it’s all done and dusted, it will be up to you whether or not multigenerational living has more pros or cons for your particular situation, but one thing that could ease the burden is buying the right home or financing a needed renovation to accommodate an extended family member. For this, call Tidewater Mortgage Services Inc., today!
