In the past, it was “the norm” for children to move their elderly parents in with them as they got older. Over the years, those numbers dwindled. With rising healthcare costs, multi-generational living made a comeback. We see it happening all over the country, including here in the Tulsa real estate market. But what does that mean? What are the positives and negatives of several generations living under one roof? You might want to ponder the answers to these questions before purchasing your next home.
Multi-Generational Living
What is It?
Multi-generational living is exactly what it sounds like. More than one generation living under the same roof. Now when I say that, I don’t mean parents and their underage children. Instead, it could be adult children continuing to live with their parents well into adulthood. Or maybe your aging parents need help with their daily living but in-home care or living in an assisted living facility falls well outside their budget. Sometimes, all three of these adult generations live under one roof.
Pros
Money usually hits the top spot for housing multiple generations under one roof. You split the cost of the house itself as well as utilities and, possibly, the food budget. Plus, chores can be divided up between several individuals. This helps with the maintenance of your Tulsa home.
Studies show that children benefit from having a close relationship with their grandparents. Grandparents benefit from this relationship as well. Living under the same roof means more time together. This may feel like a godsend for working parents or single-parent households, too.
Cons
On the flip side, with more people in your house, the more likelihood for personality conflicts. Your parenting style might differ from your parents’ way of raising children. If they become vocal about it, that could raise tension inside your household.
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Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
