"The cost of long-term assisted care living is extremely high so this is one way to negotiate that. As people are struggling to afford housing, they're turning to multigenerational living as an alternative."
"An overarching theme to multigenerational housing is because of costs and affordability constraints, whether that comes down to the actual house itself or to caregiving both for older care and for child care."
"Finding ways to share costs and maintenance and resources makes a lot of sense to some households. In the Salt Lake City metro area, more buyers are interested in properties suitable for multigenerational living."
The rising cost of housing and care is driving people towards multigenerational living arrangements. Approximately 6% of individuals struggling with housing costs have moved in with parents or other family members. Experts note that affordability challenges extend beyond housing to include caregiving expenses. Sharing costs related to groceries, utilities, and home maintenance is becoming a practical solution for many households. In areas like Salt Lake City, the demand for properties suitable for multigenerational living is increasing as home prices rise.
#housing-affordability #multigenerational-living #caregiving-costs #real-estate-trends #family-dynamics
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