Multi-generational homebuying: What are the benefits of buying with family?

& by TD Bank& The percentage of multi-generational families buying a home together jumped from 11 percent to 14 percent from 2021 to 2023, according to a recent report compiled by The National Association of Realtors (NAR). The report explores how the uptick in this type of homebuying is likely due to it serving several purposes, including the ability for younger generations to care for their elders, to get a home that may have been financially out of reach or even just to be closer to family and enjoy the time they have together. With housing prices having jumped during the peak of COVID-19, it’s not surprising that younger professionals are teaming up with their parents or even grandparents to make the dream of owning a home a reality. Multi-Generational Home Buying Benefits The NAR’s survey found that the most popular reasons among first-time buyers were “cost savings” and the desire for a “larger home,” both coming in at 28 percent. The most popular reason for repeat buyers was “taking care of an aging parent” at 23 percent. Twenty-three percent of first-time buyers also admitted to never leaving home, while 15 percent said they wanted to spend more time with...