Benefits of Living in a Multigenerational Home

May 12, 2021

When you think about what's best for your family, do you consider multigenerational living? With the average cost of a Chicago home quickly nearing $300,000 and many Americans unable to afford one, some families are turning to multigenerational living as an alternative.

Multigenerational living involves multiple generations (from grandparents down) sharing a common dwelling.

The benefits of this arrangement range from financial to social, and Overstreet Builders can help you take advantage of these benefits by building your new dream home — whatever size or design you want!

Let’s cover some of the top reasons why a multigenerational house is such an attractive option for many families in Chicago and beyond.

It's Affordable

Since the cost of a home is so high, families that can't afford it are often forced to live in an apartment. This may be fine for some people, but many worry about limitations on space and privacy.

A multigenerational house offers both affordability and plenty of room — perfect if you want your children to grow up close with their grandparents!

Many homeowners also save money by splitting mortgage payments between multiple family members, which saves considerably over time.

For those who have been trying unsuccessfully to find affordable housing, buying a home big enough for multigenerational living is a great investment in the future.

You Have Help

It's not always easy to maintain a home, especially for people with full-time jobs. But with the help of family members who live in the house, you'll never have to worry about what needs taking care of next!

Elderly relatives may need some assistance, but if they're living with their children and grandchildren, then aging in place is much easier on everyone involved.

Adding an extra set of hands can be just as beneficial for parents struggling to balance work life with childcare responsibilities. The best part: no one will ever feel like they are burdened by these tasks because those closest to them are helping out!

Built-In Mentors

Not only do multigenerational families have more people to learn from and look up to, but they also provide for a stronger support system.

Elders teach the younger generations how things were done in their day, while passing on wisdom that can't be found online or even through textbooks anymore. It's no wonder why so many want this lifestyle!

There's something to be said about learning from the wisdom of elders. With multigenerational living, your kids will have more people around who can serve as mentors and role models for them while they're growing up — and vice versa!

Who's to say Nana won't learn a thing or two from little Jimmy about how to work her iPad?

If you’re considering building a new home, make sure it has the right space and layout for your needs. Overstreet Builders can build the right house for your family size in the Chicago suburbs. Contact our team today to discuss your floor plan options for the whole family!