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What is multi-generational living?
Multi-generational living refers to a person sharing a household with their parents or in-laws. It has become increasingly popular over the last few years with more people searching for homes that have finished basements with a separate entrance so they can have their parents live with them. I am currently selling a house in Vienna which has live-in parents and in-laws. This totals to three families living together.
Why is this happening? People are living together in this way because of the cost of living in Virginia, Maryland, and DC. It is becoming cost-prohibitive. When people retire, they may only have the choice of moving out of state because they can no longer afford to pay their property taxes. Some, meanwhile, choose to live with their children.
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Multi-generational living has become increasingly popular the last few years in the United States.
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Some people consider living in an assisted living community, but that is a huge expense. It could be $10,000 or more per month to live in assisted living. If you do not have that kind of money, there is a chance you may be moving in with your kids.
As you may know, I am from Lithuania, where generational living is very common. People grow up in a house and raise their own families who then have their own children. Multi-generational living in the United States, though, has become a new trend. I think that it will continue to become increasingly popular and be similar to the European model. This means that people will look for large homes and maybe even combine two or three households into one which will create tremendous savings for all members of the family.
If you are interested in finding out more about generational living or are looking at buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.
