Multi-Generational Home Buying Near All-Time High

Multi-Generational Home Buying Near All-Time High

All in the Family: Multi-Generational Home Buying This past year, NAR collected data in the Profile of Home Buyers and Sellers, which shows that multi-generational buying is back near an all-time high at 14%. This is up from 11% in the 2021 report. In 2020, the report found a low before the COVID-19 pandemic of 11%, followed by an immediate gain to 15% of all buyers. Reasons to purchase a multi-generational home vary among first-time and repeat buyers. For both first-time and repeat buyers, about 30% report that caretaking or spending time with aging relatives is important. In the midst of this, it is not hard to imagine a Gen Xer needing to buy a larger home for all generations of the family to happily cohabit in one home. As we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.

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