Could a Multigenerational Home in Los Angeles or Beverly Hills, CA Be the Right Fit for You?
Could a Multigenerational Home in Los Angeles or Beverly Hills Be the Right Fit for You? | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
As the pandemic forced many of us to spend more time at home with our loved ones, it's no surprise that multigenerational households have been on the rise. Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR), explains that multigenerational homes are those where families live together, including elderly parents, adult children who have returned home, or other extended family members. And according to the Wall Street Journal, multigenerational living has become increasingly popular since the 2008 financial crisis and during the pandemic.
If you're considering buying a home in Los Angeles or Beverly Hills and the idea of a multigenerational household has crossed your mind, you're not alone. NAR's recent survey found that there are several reasons why people choose to buy multigenerational homes, including affordability, the desire to care for loved ones, and the opportunity to purchase a home that was previously out of reach.
One of the main benefits of a multigenerational home is that it can make homeownership more affordable. Sharing expenses such as mortgage payments, utilities, and maintenance costs can help reduce the financial burden of homeownership. Additionally, a multigenerational home can provide a sense of community and support for everyone living under the same roof. Whether it's caring for elderly parents or providing a safe and comfortable environment for adult children, a multigenerational home can help families stay connected and provide a sense of security.
As Lautz notes, multigenerational home buying is a trend that appears to be firmly established and could continue to expand in the future. If you're ready to buy a home in Los Angeles or Beverly Hills, a multigenerational home could be a great option to consider. Let's connect so we can explore your options and find a home that is the perfect fit for you and your family.
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