Two Spaces Under One Roof
There are currently more than 5 million multigenerational homes in the U.S. Experts say this number is only going to increase for reasons that include tighter finances, a trend toward young adults living at home longer, and a boom in retirees who are opting out of traditional retirement communities. While senior parents and adult children living at home is nothing new, a dark basement or sweltering attic isn’t the only answer anymore.
Also, homeowners are thinking smarter—realizing that adding appealing separate living quarters or building a new home with a multigenerational suite will add both flexibility and a significant boost in resale value to their home.
A multigenerational home has 2 fully functional and independent living spaces: the main living area and a separate suite that includes a bath, kitchen and in most cases a bedroom and living room. The space can range from a grand suite to a studio and occupants can range from senior parents to adult children to houseguests to super great friends.
So what about rent and paying for expenses? It really depends on the financial situation of the homeowners and suite guests. Most adult children should be required to contribute to household expenses—you want to give them an incentive to eventually move out. In some cases, a live-in grandparent will provide daycare in exchange for rent—a real godsend for growing families. In other cases, the compensation is the priceless satisfaction of doing something really wonderful for a family member or friend that needs your help.