Why are more families choosing to live with extended family?
In the face of continued high prices for both buying and renting accommodation, Australians are looking at how they can maximise the use of their existing house and land. Australians are slowly embracing the idea of the multi-generational home.
What is multigenerational living?
Multigenerational living is a way for families to deal with the cost of living and housing affordability. By combining resources, families are getting a much more efficient financial situation, as well as the added support of extended family.
There is no denying that our population is ageing. In multigenerational living arrangements, the children are there to support their parents to live independently and extend the time they stay outside of aged care.
What are the benefits?
Such living situations can be beneficial for everyone. For example, they provide security for retirees who worked before compulsory superannuation and are at risk of running out of funds. For the children of these older Australians, the most obvious path to owning their first homes is living with parents while saving for a deposit. Other benefits include a live-in babysitter or pet-sitter, as well as piece of mind.