By Lois Marris, November 2024
In today’s market, multigenerational living is more than a trend – it’s a lifestyle choice growing in popularity here in Ponte Vedra Beach and Jacksonville, FL! Many families recognize the benefits of living together, from financial savings to shared responsibilities and closer connections. As a local real estate expert, I’m thrilled to help families find homes suited to these unique needs.
In 2022, the National Association of Realtors (NAR) reported that 14% of home buyers were purchasing with multiple generations in mind – near a record high.¹ Families are pooling resources, supporting aging parents, or simply seeking more quality time together, all while experiencing both financial and emotional rewards. Rising home costs, high interest rates, and a desire among seniors to age in place are driving more families to share a roof. According to recent Pew research, the number of Americans living with at least two generations has more than quadrupled since the 1970s.² Studies show that people in these arrangements tend to be healthier, live longer, and feel more financially secure, and most describe the experience as overwhelmingly positive.²,³
Of course, multigenerational living comes with unique challenges, especially if the home isn’t designed to support everyone’s needs. The key to success lies in finding a home that balances shared spaces with privacy for all family members.²,⁴ Fortunately, Ponte Vedra Beach and Jacksonville offer many homes designed or adaptable for multigenerational living.
As an example, 3662 Chatsfield Ct, Jacksonville is an excellent choice for multigenerational families. This spacious home offers over 3000 sq. ft. of living space, featuring two primary bedrooms—one on the main floor, ideal for those who prefer not to climb stairs, and another upstairs. This layout ensures that family members of all ages can have privacy and comfort, while still being under the same roof. In addition, the home includes two living areas an office, and a second office/play area in the upper-level loft, providing flexibility for everyone’s needs. Another bonus, the home features a 2-car garage plus an additional parking pad for a third vehicle. Whether you’re supporting aging parents or creating a shared family space, this home’s versatile design offers a perfect solution.
With my deep knowledge of the local market, I can guide you to properties ideal for multigenerational families, from homes with accessory dwelling units (ADUs) to those with ground-floor bedrooms and multiple en-suites. These layouts provide both shared areas and private retreats, ensuring everyone is connected yet comfortable.
Sometimes multigenerational living doesn’t require a single home but can mean living near each other. For example, 8665 Little Swift Cir, Jacksonville in the Sweetwater by Del Webb 55+ community is a fantastic option. This 55+ community offers a unique solution to multigenerational living by providing condos where families can be close yet maintain independence. In my case, I see how this could work perfectly for my own family: I could live in one condo, while my 89-year-old mother could enjoy her own ground-level, no-step condo nearby. This arrangement allows for the closeness of shared family time, but with the independence that both of us value.
Are you ready to explore this lifestyle choice for your family? Let’s find a home that brings everyone closer while enhancing quality of life. Reach out today, and I’ll help you discover the perfect place for your unique family.
What to Consider Before Shopping for a Multigenerational Home
Before starting your search, take time as a family to discuss your vision for a multigenerational home. This conversation will help clarify what each member wants and any potential compromises, as well as highlight the unique benefits for everyone. Some families seek to care for loved ones and share responsibilities, while others look to pool resources to afford a larger property, often significantly reducing costs like childcare or senior living.
For example, one buyer purchased a multigenerational home to help her aging mother, and her family saved $25,000 to $40,000 a year in the process. Reflecting on this choice, she shared, “It makes so much sense financially and emotionally that we would not have it any other way.”⁵ Stories like hers highlight how multigenerational living can strengthen relationships and improve financial wellbeing.
Beyond immediate needs, consider long-term factors like accessibility or potential future costs. For instance, if some family members are nearing retirement, a home with features like zero-step entry, single-floor living, or wide hallways may be ideal. Likewise, while amenities like pools may be appealing, think about ongoing maintenance costs. If these topics haven’t come up yet, setting aside time for a family meeting can be invaluable.
What to Look for in a Multigenerational Home
Once you’ve outlined everyone’s needs, draft a collective budget, considering both the initial purchase and ongoing costs like utilities and maintenance. This will ensure everyone understands what’s affordable and how expenses will be shared. Next, consider a home layout that supports privacy and individual retreat. Options worth exploring include:
- Large homes with several bedrooms and at least one en-suite
- Homes with an ADU, like a basement apartment or detached unit
- An Accessory Family Unit (AFU) for family use only
- Multifamily units like duplexes
- Adjacent condos for a “close but separate” arrangements
For those planning to age in place, a property with a separate ground-floor unit—like a backyard ADU—can offer independence while avoiding high costs of assisted living.6 You might also consider homes with potential for expansion or those adaptable for separate living spaces. Zoning laws and HOA rules vary; for example, St. Johns County permits ADUs and AFUs with certain restrictions, so it’s best to confirm possibilities.
How to Buy a Multigenerational Home
Buying a home as a family can feel complex, especially if you plan to jointly apply for a mortgage. However, many families find that co-buying can simplify the qualification process.7 Sharing resources can open up new mortgage options, making a larger home more attainable.
Before applying, ensure everyone’s credit is in great shape. Look at your credit report and scores to find correctable issues and your debt-to-income ratio.8 This can prevent any issues that could impact buying power. Important points to discuss include:
- Who will be on the mortgage and title?
- Whether including everyone on the mortgage could help secure a favorable rate
- Financial contributions for family members not on the mortgage
Consider the long-term implications, including tax and estate planning, and what might happen if someone decides to exit the arrangement.9 I can connect you with a real estate attorney or accountant to protect everyone involved.
Bottom Line
Multigenerational home buying is a smart way to combine resources and create a supportive home for more than just immediate family. This lifestyle choice can reduce loneliness, promote health, and enhance financial well-being.10 If you’re curious about multigenerational living, reach out for a consultation. We’d be happy to help you explore the options and envision a full house that fits your family.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Sources:
1. National Association of Realtors -
https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying
2. Pew Research Center -
https://www.pewresearch.org/social-trends/2022/03/24/financial-issues-top-the-list-of-reasons-u-s-adults-live-in-multigenerational-homes/
3. SSM - Population Health -
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5769098/
4. Better Homes and Gardens -
https://www.bhg.com/what-to-look-for-in-a-multigenerational-home-8409277
5. Apartment Therapy -
https://www.apartmenttherapy.com/multigenerational-homes-37412085
6. Realtor Magazine -
https://www.nar.realtor/magazine/real-estate-news/home-and-design/all-under-one-roof-trends-in-multigenerational-living
7. Bankrate -
https://www.bankrate.com/mortgages/how-many-names-can-be-on-a-mortgage/
8. Experian -
https://www.experian.com/blogs/ask-experian/what-credit-score-do-i-need-to-buy-a-house/
9. Kiplinger -
https://www.kiplinger.com/retirement/estate-planning-for-multigenerational-living-arrangements
10. Institute for Family Studies -
https://ifstudies.org/blog/multigenerational-living-is-it-a-solution-for-our-aging-population