The number of Americans living in a household with three or more generations has increased 271% in the past decade. Here are the things you should consider before joining the crew.
Dear MarketWatch, My daughter and son-in-law want me to live with them. I am 75 and widowed; they are around 50. My daughter wants to build a home with two master suites. I have more than enough money for a down payment. They have excellent incomes. They would not want me to pay rent. I pay over $1,700 rent where I live now, and have no ties to keep me here. I keep to myself and am happy alone. They both work full time. I love them and would stay out of their way.
Dear Joint, Multigenerational living among families has seen a resurgence in recent years for myriad reasons. A report from Generations United, a public policy nonprofit, found that the number of Americans living in a household with three or more generations has increased 271% between 2011 and 2021. All told, they estimate that 66.7 million Americans over the age of 18 are living in such a household.
Financial fiasco? While the arrangement your daughter and son-in-law devised certainly has its benefits — it can also present some tricky financial intermingling depending on how you all go about financing the home. “The agreement can detail the percentage or amount of each party’s contribution to the purchase as well as outline each parties’ responsibility of expenses and improvements,” Michele Loughrey Tschida, a partner at Minnesota-based law firm Hellmuth and Johnson, wrote in a blog post. The agreement can also outline what would happen if you all chose to sell the home, or how your share of the home would be passed on if you were to die.
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