More Americans buying multi-generational homes

More Americans buying multi-generational homes

More Americans buying multi-generational homes
More homebuyers in the U.S. are seeking homes that can accommodate extended family during the pandemic. You adults facing financial hardship are moving back home and older family members are quarantining long-term with their children as the coronavirus continues to take its toll.

Approximately 16 percent of home buyers have opted for a multi-generational home this year, compared to 11 percent last year. This information comes from The National Association of Realtors.

Multi-generational homes often include a secondary entrance to a home, a private kitchen and living space as well as a junior master suite on the first floor.

Meanwhile, those looking to make a move will find conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.