In the US, an estimated 66.7 million adults are living in multigenerational households. As per the recent Generations United study, that remarkable number has quadrupled in the last ten years.

Multigenerational homes are more popular than ever, with record numbers of families opting to live together since the beginning of the COVID-19 pandemic.

There are many financial and emotional benefits to living in a multigenerational household. Read further to find out more.

What Is A Multigenerational Household?

A multigenerational home is a living arrangement that includes three generations or more. Typically, it contains one generation of children, one generation of working adults, and one generation of retired adults.

Due to a number of reasons, these types of living arrangements are becoming more commonplace. Below are four fantastic benefits.

Save Money

Maintaining two households is costlier than maintaining one. There are plenty of financial benefits to living in a multigenerational home. For example, expenses like bills and groceries can be shared among many.

Assisted living facilities can be expensive, and the quality of care does not always match the price. Living under one roof together is a more affordable option. Plus, you can save yourself a lot of money on childcare.

It’s no secret that many millennials are saddled with student loan debts, and multigenerational households can ease their financial difficulties.

Share The Load

Many hands make light work. Homeowner responsibilities and household chores can be appropriately distributed among the family members.

Grandparents in physical and mental health can help lighten the burden for working parents around the house, while the younger generation can assist with more physical chores.

Loneliness And Elderly Care

There is a twin pandemic taking place in 2021. Social isolation and loneliness were indeed issues before the COVID-19 pandemic, but now loneliness is on the rise among the elderly and young adults. Living together can be an excellent remedy.

In multigenerational families, the health and safety of the older generation is often a major worry. By sharing the same space, it’s far more likely that a loved one can be on hand to assist should there be an accident.

Here are some excellent tips on elderly care for those who are considering living with parents or grandparents.

Childcare

On top of that, grandparents are ideal babysitters. They can create a loving atmosphere at home when the parents are working or unavailable to supervise. Childcare costs are sky-high, and grandparents often love to spend time with the little ones.

It can also give the elder generation meaning in their later years, feeling valuable and engaged. They can serve as role models for the grandchildren, and a multigenerational home creates a perfect setting for forming deep and loving connections.

There’s Nothing Like Family

As you can see, there are some excellent perks to living in a multigenerational household. It’s no wonder a growing number of Americans are merging generations under one roof.

It isn’t for everyone, but it can be financially rewarding while creating a loving environment for children and adults alike.

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