Over the last decade, the concept of multi-generational homes—where adult children, parents, and grandparents cohabit—has become increasingly prevalent. According to the latest data, 17% of homes purchased in 2024 were intended for multi-generational living, marking a peak since data collection began in 2013.
This upward trend is largely driven by economic necessities, caregiving needs, and cultural values. According to the data, 36% of respondents highlighted cost savings as a primary reason for purchasing such homes. Meanwhile, 25% sought to provide care for aging parents, 21% had adult children returning home, and 20% accommodated adult children who never left home. Rising housing costs are a significant barrier for young adults aiming to buy their own homes, and retirees often find it challenging to sustain independent living on fixed incomes. Multi-generational living provides a solution, facilitating financial relief and enabling young adults to save for future homeownership.
The demographic profile of multi-generational homebuyers reveals distinctive patterns. Married couples constituted 58% of these buyers in 2024, while 19% were single females. Within racial demographics, patterns differ notably; single females represented 36% of Black/African American buyers, the highest among racial groups. Additionally, single males accounted for 12% of Asian/Pacific Islander buyers, again the highest in their category. Overall, 73% identified as White, 10% as Black/African American, 9% as Hispanic/Latino, and 8% as Asian/Pacific Islander.
The median age of these buyers is 57, with a significant concentration—77%—aged 45 and above. Younger buyers are present too, with 8% aged 18 to 34, and an uptick in those aged 45 to 54. This reflects a broader age range participating in multi-generational home-buying, adapting to financial and familial obligations.
Among these buyers, those belonging to the Sandwich Generation—individuals balancing care for both children and aging parents—face unique challenges. Around 37% have children under 18 living in the home. Multi-generational setups provide a network of support, fostering stronger emotional bonds and shared caregiving responsibilities. However, they also entail complex considerations of space and privacy.
Seventeen percent of these buyers carry student loan debts with a median balance of $30,000, exacerbating financial challenges. While multi-generational living offers various benefits, it necessitates navigating interpersonal dynamics and adjusting to shared living spaces.
This trend is reflective of how families are responding to modern socio-economic conditions, emphasizing that a home is defined by its occupants rather than its structure.
The rise in multi-generational living underscores a shift in how families address economic constraints and caregiving responsibilities, reinforcing the notion of home as a collective space grounded in shared experiences and support.
Source: FloridaRealtors
