A new article from U.S. News highlights multigenerational homes as one example of how Americans can find creative ways to become homeowners.
The recession caused many Americans to rethink whether homeownership truly is the American dream, yet a fair number of them still prefer owning to renting. In fact, a 2013 survey commissioned by the MacArthur Foundation found that more than 7 in 10 renters hope to own some day. But with stagnant wages for the past several years, Americans wishing to buy a home sometimes have to get creative.
For example, multigenerational homes are becoming more mainstream. In fact, a Pew Research report found that 57 million Americans (about 18 percent of the population) lived in multigenerational households in 2012, compared to 28 million in 1980.
Interestingly, though, it’s not just parents and adult children who join forces to buy a home. Friends or siblings might enter into a co-buying arrangement.
