Mother’s Day is fast approaching, which means it’s time to celebrate all those things your mom did for you growing up (like not murdering you during your obnoxious teenage years). While many of us will call or travel to visit mom, others may not have as far to go in order to shower their parent with love and affection. A greater number of grown adults are choosing to cohabitate with their parents. We’re not talking living on the couch or setting up shop in a dingy basement either. Parental living arrangements are growing in popularity and can offer benefits to both parents and children, which you’ll learn all about if you keep reading below…
Increasing Cost of Care
In recent years, the cost of home and private retirement facility care has increased exponentially. If you’re looking for causes, chalk this one up to good ole supply and demand. As baby boomers and other generations continue to age, facilities to cater to more active lifestyles brought about by health consciousness and longer lifespans have become increasingly popular. A greater amount of services, and the lack of corresponding growth in facilities and space has led to higher overall prices. Many of these cost increases have priced seniors right out of the appropriate medical care or attention they may need, making cohabitating with their adult children an ideal arrangement.
It’s not just seniors who are incurring greater costs for daily assistance. As more and more U.S. homes are becoming two working parent households, the demand for child care has also increased. In some cities finding an opening in an accredited facility for young children can be hard enough, much less coming up with the monthly payment. Having one or more grandparents living at home not only exposes children to valuable intergenerational stories and learning, it also reduces the need for babysitters, nannies and outside the home daycare.
Higher Down Payments Equal Lower Overall Debt
It’s not news to regular Homegather readers that the cost of buying a home has increased exponentially in recent years. Even accounting for the real estate market earlier this decade, home values have doubled and, in some areas tripled or more, in comparison to median salaries and wage increases over comparable years. Having two families contributing to the purchase price of a home can make otherwise unattainable home ownership a reality with resulting lower monthly payments and elimination of PMI. Interest rates continue to hover around all-time lows, but that won’t always be the case. Experts see the financial benefits of bigger down payments paying off for years to come.
Not as New a Trend as You Might Think
While eliminating the stigma of living with your parents as an adult may seem like the hot new trend in cohabitating, it turns out the U.S. is behind the times. Across the globe, many cultures not only accept multi-generational households, they would think of the lack of a parent or grandparent presence out of the ordinary, or even downright taboo.
From Asia to Africa to Russia, across continents, religions, and cultures, many societies have embraced the concept of elders continuing to live with their children. Valuable culture and traditions, stories, recipes and more are often passed down through extended interaction with a family’s matriarch or patriarch. These traditions would become lost, or have a smaller impact if grandma and grandpa were shipped off to a care facility or maintained their separate residence.
From honoring one’s elders to utilizing knowledge, having older family members live with their families is both an asset and sign of respect. Whether financial, emotional or cultural support, this is one trending “fad” we can definitely get on board with.