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Have you noticed more families, siblings, or friends buying homes together? You're not alone!
With rising home prices and interest rates, many buyers are getting creative to make homeownership more affordable.
Whether it’s multiple generations living under one roof or young buyers pooling resources to "house hack," we’re seeing a shift in how people approach real estate.
The Rise of Co-Buying and Multigenerational Living
Affordability challenges have led to an uptick in co-buying, where multiple people—family members, siblings, or even friends—purchase a home together. This trend allows buyers to share expenses, making it easier to qualify for a mortgage and cover monthly payments.
Sometimes, co-buying looks like parents moving in with their adult children, helping with childcare while cutting down on living costs. Other times, it’s siblings teaming up to buy their first home, splitting expenses, and even renting out a portion of the property to offset costs.
One particularly interesting strategy we’re seeing is more buyers taking advantage of Fannie Mae’s 5% down payment option for small multi-family properties (2-4 units). This allows homeowners to live in one unit while renting out the others, effectively house hacking their way into homeownership. By generating rental income, buyers can reduce their housing expenses and build long-term wealth.
What to Consider Before Buying a Multigenerational Home
If you’re thinking about purchasing a home to accommodate multiple generations, there are a few key factors to keep in mind:
1. Accessibility
If aging parents are part of the plan, look for homes with features that will support limited mobility in the future. Single-story layouts, wider hallways, and step-free entrances can make daily life easier.
2. Proximity to Amenities
For older family members who no longer drive, consider how close the home is to grocery stores, medical facilities, and public transportation. Easy access to essential services can make a huge difference in quality of life.
3. Privacy & Space Separation
Just because you're living together doesn’t mean you have to be together all the time! Look for homes with separate entrances, lock-off spaces, or detached units to give everyone their own sense of independence.
How to Retrofit an Existing Home for More Household Members
Already own a home but need more space? There are plenty of ways to modify your property to accommodate additional household members:
Convert a basement into a separate living space.
Add exterior entrances to bedrooms for more independence.
Turn a garage into a detached bedroom (without plumbing, it’s a low-cost option).
Build an ADU (Accessory Dwelling Unit) if zoning allows.
Park a tiny home or RV on the property (again, check local zoning rules).
As home prices and interest rates remain high, expect to see more buyers finding creative solutions like these to make homeownership work for them. Whether you’re considering co-buying with family, friends, or using house hacking to offset costs, there are plenty of ways to turn real estate into a smart financial move.