Finances and Family Ties: Benefits of Multigenerational Living

Fifty-five percent of Americans reported currently living in a multigenerational household in a recent study by Lombardo Homes. The survey consisted of 1,000 Americans between the ages of 18 to 80.

Multigenerational homes are those that house family members of two or more adult generations under one roof. This can include young adults still living with their parents, older family members living with and being cared for by younger family members, extended adult relatives living together and more.

Of those living in a multigenerational household:

• 33% were baby boomers
• 61% were Gen X
• 56% were millennials
• 59% were Gen Z

Additionally, 95% said that their multigenerational household functions successfully, with 82% reporting that multigenerational living has improved the finances of at least one household member, and 63% reporting it’s made it possible for at least one family member to continue their education.

The top reasons for multigenerational living were:

1. Financial (65%)
2. To maintain close family ties (39%)
3. Help with shared responsibilities (28%)
4. Need for eldercare (23%)
5. Companionship (22%)

On the other hand, the biggest challenges were:

1. Lack of privacy (62%)
2. Different generations with different needs/lifestyles (46%)
3. Establishing clear boundaries and expectations (34%)

Additionally, 70% said their homes had separate living areas for different generations and 74% said their families owned (instead of rented) their home.

Of those surveyed in Pennsylvania, 57% lived in a multigenerational household and about 30% of those not living in one said they were considering it.

Overall, 31% of respondents not living in multigenerational households said they were considering moving into one, with the generational breakdown being:

• 25% baby boomers
• 33% Gen X
• 33% millennials
• 28% Gen Z

Forty-five percent also said that they grew up in multigenerational homes, and of those, 84% said it was a positive experience. Eighty-two percent said that multigenerational households are becoming more common across the United States, because of the high cost of living (97%), need for childcare and eldercare (71%) and student loan debt making it harder for young adults to live independently (51%).