In today’s world where home prices continue to rise and incomes don’t always rise to match, we are seeing an increase in multigenerational households—families with several generations living under one roof. ADUs offer greater housing flexibility and security for these multigenerational families who find it more practical or economically feasible to live together, rather than apart. Whether a family owns existing property that allows for ADUs, or whether they seek to purchase property with ADU potential, the benefits are numerous. Let’s explore some of the potential advantages of ADUs for multigenerational families.
Helping the Younger Generation
With rising student debt and no guarantees of an entry-level job after graduation, many Millennials are waiting longer to buy their first home. Some continue living with their parents well into adulthood. Others are “boomerang” children who leave home only to return when they struggle to survive economically. Adding an ADU to the property often gives these young adults more independence at home until they can get on their feet.
ADUs also serve the purpose of assisting aging parents who struggle to afford housing on a fixed income or who cannot live independently. Instead of paying a small fortune in long-term adult care facility services, homeowners frequently invest in ADU additions to keep family close.
Other Family Benefits
Beyond the immediate economical and practical benefits described above, an ADU can provide families with a wide range of additional options based on their changing needs. For example:
Being able to help a sister get back on her feet after a painful divorce
Creating a comfortable, private space for grandkids, kids, or friends to visit and call home
Giving elderly relatives a place to reclaim independence while being in reach of family
Helping a special needs child gain their much-needed independence
Providing temporary living for families while they remodel their main home
Added Economic Security
Even beyond having the ability to house multiple generations on one’s property, an ADU offers the potential for numerous economic benefits in the long term:
It lowers short-term living costs for several generations of relatives
It can provide additional rental income to supplement costs or boost retirement security
It boosts the property value significantly, giving families the ability to add to their children’s inheritance with a limited investment
Adding an ADU to your property can take many forms at a variety of price points. If you are ready to explore the ways an ADU can add value to your multigenerational family, we’re ready to help guide the conversation.