Many corporations or people coming with loads of equity from selling their homes from other states are offering cash prices on homes worth more than half a million dollars in my area. Young couples like my daughter and her fiancé who both just graduated from college and moved back in our hometown don’t have a chance competing with those buyers! Our house came with a mother-in-law suite in the walkout basement, so, we will be renovating the suite, so, I can move there, and they can start a family in her own childhood home. I’ll be adding a washer and dryer in my suite, so, I don’t have to walk up to their living quarters. I’m still working full time, very active, and self-sufficient. But, when the time comes, I’m looking forward to living in the walkout basement with no staircases to navigate! Our house, though in the suburbs, has all the amenities within short walking distance. It’s a win-win situation for all of us! It’s a no brainer, given the current real estate market!
My son, his wife and I are closing soon on our multigenerational home. We all have jobs and work differing schedules. The two main benefits of co-living is #1 physical and emotional support and #2 significant financial savings - way less expensive than having 2 homes. While sharing the living room and kitchen, the key for us is everyone has their own personal living space (besides bedrooms) AND their own full bath. We found our dream home. We know there will be things to work out but we lived together when they were in college. We truly like each other and really feel this is the way life should be.
Thank you for sharing! You're right on those benefits for sure. My wife and I have had roommates throughout most of our marriage. We've bought bigger homes that had an extra room we could rent out to a single or two. ... For family, I think you're right that personal space is important. ... Regular times of "airing grievances" and good communication help you get into a good rhythm and flow of living with others. Plus, love helps. :)
You're on point when you say "Boomers being set in their ways." So true. I would add additionally that when that way it's threatened, they'll get angry about it too and control it. Not sure where this comes from. But both my parents and in-laws are very similar. It's not about my family being willing to live with our parents, at the end of the day i don't think my parents would actually be willing. Yes they're be with their granddaughters, but I'm not sure that's worth giving up all they currently have, which is unfortunate. Not to say i don't love my parents with all my heart, cuz i do, just speaking truthfully
Ohio has great quality houses. I live in CA Bay Area and the home construction is total crap. Not only is it 1970s era crappy construction, you pay $1.3 million for a 1750cf 3 bedroom single story bungalow with no basement, minimal garage and postage stamp yard! Multigenerational is not even an option here, you are lucky to get enough space for even one generation. Housing is so expensive here that a large number of home owners convert their garages into tiny apartments and rent them out for $1500 a month. It is even common to rent out rooms within the house itself! Totally crazy and unsustainable.
Great content! We are in the midwest and currently looking for a multi general larger home. My son and his girls came to live with us four years ago and we have expanded what we have but we need to change some things. As the girls grow and I age our needs are changing.
Eric, thanks for the insights and information you covered in your presentation. We currently have one of our daughters, her husband, and child living with us along with our youngest who decided to not return to college. It's not where we thought we would be during our 'empty nest' years but now we're considering offering/continuing this arrangement for many of the reasons you shared. Much to consider but many benefits can be realized from this type of living arrangement...like much of the other countries in the world are doing.
@@TeamSztanyo it does, keep sharing/following your heart and passion for this type of living arrangement. I think it's an important missing piece of our culture. We're just down the road from you in Crestwood, KY.
@@darinbennett3638 Hey neighbor! Yes, we're seeing many of our friends go this direction, and while there are challenges, I think it's a beautiful thing to see families living multi-generationally.
@@TeamSztanyo Eric, just wondering what financing options look like for taking our existing home and having our oldest daughter/son-in-law become part owners and living with us?
@@darinbennett3638 Yeah, good question. Depends on the parties involved. I'm happy to refer you to some good local lenders who could help you answer that question. Email me at eric.sztanyo@kw.com.
Thank you for this video. I know I'm commenting a few years later but I'm in a position where I'm having to make some choices about renovating my home in a way that accommodates living space for myself, my best friend, my mom, and possibly my niece. There are a lot of decisions that have to be made and discussions to be had. This video gave me hope! Edit: I'm in the Akron area next to the CVNP if you have suggestions on builders/architects in this area! Thanks!
i hear a lot of older people are struggling because they have fix incomes, and they can often feel isolated and lonely . and younger couples struggle with getting help with kids as not a lot of them have a support network in place or they cant buy a house
So my 61 year old mom already lives with me in my house. She wants me to buy a bigger house with her and rent out the current place. I'm a 38 year old single woman. I've had often faced stigma in the dating scene for living with my mom. I told this to my mom, and she says marriage is overrated and unmarried couple shouldn't be living together. She herself has a boyfriend of 15 years, but she doesn't want to get a place together with him, because his divorce procedure has not been finalized for forever. And my guess is that she doesn't want end up responsible for his eldercare, as he's much older than her and in his mid 70s. My mom's idea makes a lot of financial sense, as she's nearing retirement age, even though she's still young. She has a lot of savings from living rent-free these 10 years, and I'm making 120k a year and we both have solid credits. I don't have as much money saved to afford a house in the rane my mom's is looking at, but she does. So it makes fiscal sense to combine assets to buy a house and to end up with a rental property at the same time. But I'm afraid that I might regret buying a house with my mom. She treats me like a 10 year old already. I'm so confused as to what to do
Please don’t talk about “boomer generation “ as though there is something strange or bizarre about them wanting to have their belongings. You said that in a way that made it sound as though your generation is somehow superior to their parents generation because somehow your generation are all minimalists. When builders consider multigenerational housing, who wants to hear all the arguments, or screaming and crying children? I’ve lived with my daughter and her kids off and on, and privacy is a big issue, and that kitchenette is a must. Grandparents want to entertain their friends without loud kids, toys etc. what if they want to date? Grandparents are people too, and you’ll be one someday.
😂 The ideal multigenerational house is more of a duplex rather than one big house. I lived in my sisters granny flat, we lived together without invading each other’s privacy.
You talk about the older generation as if they are a different species. “I’ve noticed boomers like their things the way they like them”. Don’t you also like your things the way you want them? I think that’s just a factor of being an individual regardless of age. Even toddlers like their things where they like them. Bit silly to make that a defining characteristics of an older person.
Many corporations or people coming with loads of equity from selling their homes from other states are offering cash prices on homes worth more than half a million dollars in my area. Young couples like my daughter and her fiancé who both just graduated from college and moved back in our hometown don’t have a chance competing with those buyers! Our house came with a mother-in-law suite in the walkout basement, so, we will be renovating the suite, so, I can move there, and they can start a family in her own childhood home. I’ll be adding a washer and dryer in my suite, so, I don’t have to walk up to their living quarters. I’m still working full time, very active, and self-sufficient. But, when the time comes, I’m looking forward to living in the walkout basement with no staircases to navigate! Our house, though in the suburbs, has all the amenities within short walking distance. It’s a win-win situation for all of us! It’s a no brainer, given the current real estate market!
My son, his wife and I are closing soon on our multigenerational home. We all have jobs and work differing schedules. The two main benefits of co-living is #1 physical and emotional support and #2 significant financial savings - way less expensive than having 2 homes. While sharing the living room and kitchen, the key for us is everyone has their own personal living space (besides bedrooms) AND their own full bath. We found our dream home. We know there will be things to work out but we lived together when they were in college. We truly like each other and really feel this is the way life should be.
Thank you for sharing! You're right on those benefits for sure. My wife and I have had roommates throughout most of our marriage. We've bought bigger homes that had an extra room we could rent out to a single or two. ... For family, I think you're right that personal space is important. ... Regular times of "airing grievances" and good communication help you get into a good rhythm and flow of living with others. Plus, love helps. :)
You have a nice daughter-in-law
I’m 4 months away from moving into multigenerational living with adult children. I appreciate all the points you brought up.🤙
👊
You're on point when you say "Boomers being set in their ways." So true. I would add additionally that when that way it's threatened, they'll get angry about it too and control it. Not sure where this comes from. But both my parents and in-laws are very similar. It's not about my family being willing to live with our parents, at the end of the day i don't think my parents would actually be willing. Yes they're be with their granddaughters, but I'm not sure that's worth giving up all they currently have, which is unfortunate. Not to say i don't love my parents with all my heart, cuz i do, just speaking truthfully
Ohio has great quality houses. I live in CA Bay Area and the home construction is total crap. Not only is it 1970s era crappy construction, you pay $1.3 million for a 1750cf 3 bedroom single story bungalow with no basement, minimal garage and postage stamp yard! Multigenerational is not even an option here, you are lucky to get enough space for even one generation. Housing is so expensive here that a large number of home owners convert their garages into tiny apartments and rent them out for $1500 a month. It is even common to rent out rooms within the house itself! Totally crazy and unsustainable.
There’s a reason people are fleeing.
This is not a new concept, both my parents lived with their parents, grandparents on 100 acres. So rewarding ❤
Not new at all. Reverting back to some ancient ways may be a very good thing our culture should consider.
Great content! We are in the midwest and currently looking for a multi general larger home. My son and his girls came to live with us four years ago and we have expanded what we have but we need to change some things. As the girls grow and I age our needs are changing.
Changes make it hard to plan for, but love that your family is together!
I live in a multigenerational household. It’s absolutely a blessing with a few, small drawbacks!
What’s the hardest part?
Eric, thanks for the insights and information you covered in your presentation. We currently have one of our daughters, her husband, and child living with us along with our youngest who decided to not return to college. It's not where we thought we would be during our 'empty nest' years but now we're considering offering/continuing this arrangement for many of the reasons you shared. Much to consider but many benefits can be realized from this type of living arrangement...like much of the other countries in the world are doing.
Thanks for sharing. Makes a lot of sense.
@@TeamSztanyo it does, keep sharing/following your heart and passion for this type of living arrangement. I think it's an important missing piece of our culture. We're just down the road from you in Crestwood, KY.
@@darinbennett3638 Hey neighbor! Yes, we're seeing many of our friends go this direction, and while there are challenges, I think it's a beautiful thing to see families living multi-generationally.
@@TeamSztanyo Eric, just wondering what financing options look like for taking our existing home and having our oldest daughter/son-in-law become part owners and living with us?
@@darinbennett3638 Yeah, good question. Depends on the parties involved. I'm happy to refer you to some good local lenders who could help you answer that question. Email me at eric.sztanyo@kw.com.
Thank you for this video. I know I'm commenting a few years later but I'm in a position where I'm having to make some choices about renovating my home in a way that accommodates living space for myself, my best friend, my mom, and possibly my niece. There are a lot of decisions that have to be made and discussions to be had. This video gave me hope!
Edit: I'm in the Akron area next to the CVNP if you have suggestions on builders/architects in this area! Thanks!
Glad it was helpful! Sorry, we are mostly based in the Cincinnati area.
The opportunity has already been around for years. It's called a Duplex. Triplex or even Quadraplex.
Detailed information. As always-learned many interesting facts from this presentation.
Thank you!
I like the banana with sunglasses 😎
i hear a lot of older people are struggling because they have fix incomes, and they can often feel isolated and lonely . and younger couples struggle with getting help with kids as not a lot of them have a support network in place or they cant buy a house
Yeah, I think multigenerational makes sense for a lot of reasons, but our culture is sooo not used to it.
So my 61 year old mom already lives with me in my house. She wants me to buy a bigger house with her and rent out the current place. I'm a 38 year old single woman. I've had often faced stigma in the dating scene for living with my mom. I told this to my mom, and she says marriage is overrated and unmarried couple shouldn't be living together. She herself has a boyfriend of 15 years, but she doesn't want to get a place together with him, because his divorce procedure has not been finalized for forever. And my guess is that she doesn't want end up responsible for his eldercare, as he's much older than her and in his mid 70s.
My mom's idea makes a lot of financial sense, as she's nearing retirement age, even though she's still young. She has a lot of savings from living rent-free these 10 years, and I'm making 120k a year and we both have solid credits. I don't have as much money saved to afford a house in the rane my mom's is looking at, but she does. So it makes fiscal sense to combine assets to buy a house and to end up with a rental property at the same time.
But I'm afraid that I might regret buying a house with my mom. She treats me like a 10 year old already.
I'm so confused as to what to do
Thanks for sharing. Yeah, definitely brings up different challenges. I wish you the best on your decision.
Excellent information.
Please don’t talk about “boomer generation “ as though there is something strange or bizarre about them wanting to have their belongings. You said that in a way that made it sound as though your generation is somehow superior to their parents generation because somehow your generation are all minimalists.
When builders consider multigenerational housing, who wants to hear all the arguments, or screaming and crying children? I’ve lived with my daughter and her kids off and on, and privacy is a big issue, and that kitchenette is a must. Grandparents want to entertain their friends without loud kids, toys etc. what if they want to date? Grandparents are people too, and you’ll be one someday.
😂 The ideal multigenerational house is more of a duplex rather than one big house.
I lived in my sisters granny flat, we lived together without invading each other’s privacy.
LIST OF HOUSING DEVELOPERS WITH THESE OPTIONS??
btw how about all those HOAs that only allow a certain amount of people to live in a house
good question ... maybe we'll see some unique communities spring up
@@TeamSztanyo Exactly why I live in the county no hoa.
You talk about the older generation as if they are a different species. “I’ve noticed boomers like their things the way they like them”. Don’t you also like your things the way you want them? I think that’s just a factor of being an individual regardless of age. Even toddlers like their things where they like them. Bit silly to make that a defining characteristics of an older person.
Fair point.
It’s more cultural than anything.. other cultures have generally accepted places or ways things should be done or left which frees up these arguments