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Home for the Holidays: The Rise of Multi-Generational Home Buying

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The concept of multi-generational housing— homes that have adult siblings, adult children over the age of 18, parents, and/or grandparents residing with the primary home buyer — has been gaining traction over the past decade.

According to this year’s Profile of Home Buyers and Sellers, 17 percent of home purchased last year were multi-generational households, the highest proportion since NAR began recording this figure in 2013.

Whether driven by economic factors, caregiving needs, or cultural traditions, more families are choosing to live together. Our data shows that the top reasons for purchasing a multi-generational home were cost savings (36 percent), to take care of aging parents (25 percent), children over the age of 18 moving back home (21 percent), and children over the age of 18 never having left home (20 percent). Rising housing costs have made it harder for young adults to afford homes of their own, while retirees on fixed incomes may struggle to maintain independent housing; sharing a home can ease financial strain for everyone involved. By continuing to live in the home, young adults can save for a downpayment on their own home. Sixty-nine percent of all first-time home buyers used funds from their savings for the downpayment on their home. Simultaneously, with an aging population, many families are stepping in to provide care for elderly relatives.

Who Is/Are Buying Multi-Generational Home(s)?

More than half (58 percent) of 2024 multi-generational home buyers were married couples, and nearly one-fifth were single-females (19 percent. Across all racial and ethnic groups, married couples lead the way in multi-generational home buying, but there are differences across racial segments. Among Black/African American multi-generational home buyers, single females made up 36 percent of these home buyers, significantly higher than any other racial/ethnic group. Among Asian/Pacific Islander multi-generational home buyers, 12 percent were single males – higher than any other racial/ethnic group. 

There is more racial and ethnic diversity among multi-generational home buyers compared to all home buyers. Seventy-three percent of multi-generational home buyers identified as White (compared to 83 percent of all buyers), ten percent identified as Black/African American, nine percent identified as Hispanic/Latino, and eight percent identified as Asian/Pacific Islander.

Multi-generational home buyers have a median age of 57. While the majority—77%—are aged 45 and above, younger buyers are also part of the mix, with eight percent falling between 18 and 34 years old. Notably, 23 percent are aged 45 to 54, nearly 10 percentage points higher than the share among all home buyers, and 24 percent fall into the 55 to 64 age group.

The Sandwich Generation: Balancing Care for Two Generations

Some multi-generational home buyers are a part of “The Sandwich Generation.” Some multigenerational home buyers are a part of the Sandwich Generation- middle-aged adults juggling the care of both aging parents and their own children. These home buyers are facing increasing challenges as the longer lifespans and the rising financial dependency are added to their responsibilities. Multi-generational home buyers are more likely than the average buyer to have children under 18 living at home, with 37 percent reporting having at least one child under the age of 18 residing in the home. Among those who cite caring for aging parents as their primary reason for purchasing a multi-generational home, 29 percent also have children under 18 in the household. Financial pressures further compound these challenges, as 17 percent of multi-generational buyers carry student loan debt, with a median balance of $30,000.

Multi-generational living offers families financial and emotional support, stronger bonds, and shared caregiving responsibilities. However, it also requires navigating privacy, space, and interpersonal dynamics. As this trend continues to grow, it reflects on how families are adapting to modern economic and social realities while rediscovering the benefits of living together.

Whether for the holidays or year-round, multi-generational living demonstrates that home is more than just a house—it’s the people we share it with.

See more at NAR

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Everything You Need to Know About Alternative Fireplaces

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No chimney, no problem! Alternative fireplaces are hotter than ever. Learn which one could be right for your home.

A fire makes every room feel cozier, and now you can have one pretty much anywhere you want one. Fireplaces powered by alternative fuel sources, such as gas or electricity, don’t require a chimney — or a major renovation. Some are freestanding and just plug into a regular outlet. Keep reading to find out which type is right for you and start shopping!

Gas Fireplaces

Choose this option if you want the look and feel of a wood-burning fireplace without all the hassle.

The Pros:

  • Real heat-emitting flames turn on and off with a switch, remote or app.

  • Fuel doesn’t require refilling. Units connect directly to your home’s gas line.

  • No need to store and transport real logs. (Faux logs or stones should be dusted.)

The Cons:

  • You need to hire a pro to install; the cost could run from a few hundred to more than $1,000.

  • There are two main types: direct-vent (pulls air from outside) and ventless (pulls air from the room). The ventless systems are illegal in some areas, so check local laws.

Electric Fireplaces

This is the clear winner if you want to do the job yourself. Take it out of the box, plug it in, flip a switch!

The Pros:

  • The most common models are 120-volts that plug into an outlet like any other appliance.

  • Many designs let you customize the brightness of the flame and turn off the heat.

  • There are no fumes, smoke or soot.

The Cons:

  • Flames look fake, but some designs lean in with fun flame color choices (like green and purple).

  • Running it for several hours daily on high could cause an uptick in your electric bill. Occasional usage shouldn’t cost more than a dollar or two.

Bio-Ethanol and Gel Fireplaces

These are typically freestanding or wall-mounted. The fuels burn cleaner than wood.

The Pros:

  • Freestanding models are easy to set up and can be placed almost anywhere, even in the middle of a room.

  • They offer the combo of a real smokeless flame and sleek modern design.

  • Venting is not required.

The Cons:

  • You have to manually light and extinguish.

  • Fuel refills are more expensive than natural gas. You’ll need a liter of bio-ethanol or a can of gel for every two to three hours.

  • They don’t provide much heat.

Wood Pellet Stoves

Consider this if you love the look of old-school wood-burning stoves but want to set it and forget it.

The Pros:

  • Wood pellets burn cleaner and more efficiently than logs.

  • Most have easy electric automatic ignition.

  • They give off strong heat that can warm a room nicely. Some have thermostats to set the temperature.

The Cons:

  • A fireplace pro must install a proper vent system, which can cost thousands.

  • You’ll need to refill pellets (a 40-lb bag lasts 8 to 12 hours).

  • Most run on electricity, so it goes out if you lose power.

Read more at HGTV

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This factor can get your mortgage application denied — even if you’re a high earner

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If you need to get a mortgage to buy a house, make sure your finances are in order — especially your debt to income ratio.

Your debt-to-income ratio is all your money debt payments divided by your gross monthly income. It’s the “number one way” lenders measure your ability to manage the monthly loan repayments, per the Consumer Financial Protection Bureau.

The debt-to-income ratio was the most common reason for a denied mortgage application, at 40%, according to the 2024 Profile of Homebuyers and Sellers report by the National Association of Realtors. 

Other factors that affected homebuyers in the approval process were a low credit score (23%), unverifiable income (23%) and not enough money in reserves (12%), the report found.

The NAR polled 5,390 buyers who purchased a primary residence between July 2023 and June 2024 and found that 26% of homebuyers paid all-cash — a new high.

Lenders look for a ‘healthy’ debt-to-income ratio

Repeat buyers who gained record home equity in recent years drove that trend, according to the NAR.

But for those who need to borrow in order to buy, lenders and institutions look at your debt-to-income ratio to see if you may struggle to add a mortgage payment on top of other debt obligations.

“The higher your debt-to-income ratio is, the less chance they’re going to feel comfortable lending to you,” said Clifford Cornell, a certified financial planner and associate financial advisor at Bone Fide Wealth in New York City.

It’s a factor that affects home applicants of all income levels, said Shweta Lawande, a certified financial planner and lead advisor at Francis Financial in New York City. 

“If you’re a high earner, you might not experience an issue saving towards a down payment, but that doesn’t mean you have a healthy debt to income ratio,” she said. 

Here’s what you need to know about your debt-to-income ratio.

How to calculate your debt-to-income ratio

If you’re looking to apply for a mortgage, the first step is to know what your current DTI ratio is, said Lawande.

Take your total required monthly debt payments, like your monthly student loan or car loan payment. Divide that sum by your gross monthly income, she said. Multiply the result by 100 and you have your DTI expressed as a percentage.

A DTI ratio of 35% or less is typically considered as “good,” according to LendingTree.

But sometimes lenders can be flexible and approve applicants who have a debt-to-income ratio of 45% or higher, Brian Nevins, a sales manager at Bay Equity, a Redfin-owned mortgage lender, recently told CNBC.

A way to figure out your housing budget is the so-called 28/36 rule. That guideline holds that you should not spend more than 28% of your gross monthly income on housing expenses and no more than 36% of that total on all debts.

For example: If someone earns a gross monthly income of $6,000 and has $500 in monthly debt payments, they could afford a $1,660 a month mortgage payment if they follow the 36% rule. If the lender accepts up to 50% DTI, the borrower may be able to take up a $2,500 monthly mortgage payment.

The ‘better’ debt repayment strategy

You can improve your debt-to-income ratio by either shrinking your existing debt or growing your income.

If you have existing debt, there are two ways you can work to pay it off, experts say: the so-called “snowball method” and the “avalanche method.”

The snowball method is about paying off the smallest debt balances first no matter what the interest cost is, which can feel less overwhelming, said Shaun Williams, private wealth advisor and partner at Paragon Capital Management in Denver, the No. 38 firm on CNBC’s 2024 Financial Advisor 100 List.

“One is what’s best on a spreadsheet, and the other one is what makes someone feel best from a behavioral finance standpoint,” Williams said.

Yet, “the avalanche is better because the true cost of debt is your interest rate,” he said, as you’re more likely to pay down the debt faster.

Let’s say you have student loans with a 6% interest rate versus an existing credit card balance accruing a 20% interest rate. If you’re sitting with credit card debt, consider tackling that balance first, Cornell said.

“Whichever one’s costing you the most to borrow is the one that you want to pay down as quickly as possible,” he said.

If you’ve already done what you could to either consolidate or eliminate existing debt, focus on increasing your income and avoid other large purchases that would require financing, Lawande said.

“The goal is to just preserve the cash flow as much as possible,” she said.

Read more at CNBC

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Sweet Traditions: W+M’s Holiday Cookie Favorites

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Celebrate the season with the cookies we love most! Our W+M agents share their cherished holiday recipes to sweeten your celebrations.

Brown Butter Sugar Cookies

Rich with caramel notes and a hint of nutty brown butter, these soft, chewy cookies are sure to become a favorite!

Get the recipe here

Submitted by Kaitlyn Ward

Cozy Chai Cookies

Chai vibes all the way! These chai spice cookies are infused with the delightful spices of your favorite milky chai tea latte, including cinnamon, ginger, and allspice.

Get the recipe here

Submitted by Jenny Roope

Photo courtesy of @dessertfortwo

Pistachio Pudding Cookies

Bright, nutty, and oh-so-easy to make—these pistachio pudding cookies, topped with a maraschino cherry, are a festive treat everyone will love!

Get the recipe here

Submitted by Emily Johnson

Russian Tea Cakes

These buttery, melt-in-your-mouth Russian Tea Cakes, also known as Snowballs, are a holiday classic with a nutty twist and a dusting of powdered sugar. A beloved holiday classic and a must-have on any cookie tray! Here are two of our fave recipes!

Get Lara’s fave recipe here

Get Diane’s fave recipe here

Submitted by Lara Burchfield and Diane LeBlanc

Walnut Squares

Walnut squares are a nostalgic holiday treat, with a rich, buttery flavor and the perfect crunch from walnuts—always a favorite to bake with loved ones!

Get the recipe here

Submitted by Amy Ascencio

Dark Chocolate Chunk Pistachio Cookies

These dark chocolate pistachio chunk cookies are rich, elegant, and packed with festive flavor—perfect for the holiday season!

Get the recipe here

Submitted by Michelle Schwinghammer

Photo courtesy of @pineapple_and_coconut

Hawaiian Snowballs

These sweet, buttery cookies with macadamia nuts offer the perfect balance of texture and flavor for the season.

Get the recipe here

Submitted by Angela Spangler

Brown Butter Chocolate Chip Cookies

Infused with rich brown butter, these chocolate chip cookies feature a perfect contrast of crispy edges and chewy centers, offering an elevated twist on a beloved classic.

Get the recipe here

Submitted by Claudia Ramirez

Photo courtesy of Becky Elhardt

Almond Cardamom Holiday Cookie

These vegan and flourless almond cookies are a fragrant blend of cardamom, orange zest, and pistachios, offering a deliciously unique flavor profile with the added richness of dark chocolate drizzle—a delightful choice for making occasions sweeter!

Get the recipe here

Submitted by Becky Elhardt

Sugar Cookies

From classic to creative, these sugar cookie recipes prove that the simplest treats can be the most fun—perfectly sweet, endlessly customizable, and always a holiday favorite!

Get Kathleen’s fave sugar cookie tree recipe here

Get Emily’s fave classic recipe here

Get Kendra’s fave classic recipe here

Submitted by Kathleen Male, Emily Lawless, and Kendra Clark

Buckeyes

Buckeyes combine the smoothness of peanut butter with rich chocolate, creating a sweet, indulgent treat that’s always a hit with everyone.

Get the recipe here

Submitted by Elizabeth Fischer

Date-Nut Pinwheels

Date-nut pinwheels are a delightful combination of sweet dates, crunchy nuts, and buttery dough, making them a unique and irresistible holiday treat that’s both flavorful and fun to make!

Get the recipe here

Submitted by Emily Hayduk

Pecan Tassies

A buttery cream cheese pastry filled with sweet, toasted pecans makes for a decadent bite-sized treat that's impossible to resist!

Get the recipe here

Submitted by Alicia Duncan Coulter

Photo courtesy of @halfbakedharvest

Vanilla Hot Chocolate Molten Cookies

Warm and gooey, these vanilla hot chocolate molten cookies are a cozy blend of rich cocoa, melty dark chocolate, and a hint of sea salt—perfect for sharing the magic of the season!

Get the recipe here

Submitted by Michelle Schwinghammer


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Make Your House the Top Thing on Every Buyer’s Wish List This Season

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With the holidays right around the corner, homeowners planning to move have a decision to make: sell now or wait?

Some may even consider taking their house off the market until next spring. But is that the best choice? Because at this time of year, your home can really stand out.

Here’s the thing: there are plenty of buyers out there who want to be in a new home by the holidays, and your house might be just what they’re looking for. As an article from Redfin says: 

“. . . there is typically less inventory in the housing market this time of year, allowing your home to easily stand out among the available inventory. And though there are technically fewer buyers overall, the homebuyers that are looking are far more serious about finding a home within a specific timeframe. . . selling your home during the holidays might be your best present this year.”

Here are four key reasons you may not want to wait to sell your house.

1. Serious Buyers Are Looking Right Now 

The holiday season doesn’t put a pause on the desire to own a home. Sure, some buyers might delay their search until next year, but others have a reason they need to move now. These buyers are highly motivated and ready to make a serious offer. As Investopedia says:

“Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”

2. You Have an Inventory Edge

While there are more homes coming to the market right now, overall, the number of houses available to buy is still low. 

So, what does that mean for you? If you work with a trusted agent to price your house right, it could still sell pretty quickly. That’s because today’s buyers are on the hunt for quality options – and your home may be exactly what they’re searching for.

3. You Have Control Over Your Showings 

Selling during the holidays doesn’t mean constantly disrupting your schedule. You have the flexibility to set up showings at times that work best for you. This is especially helpful during a busy season, and many buyers are likely to be more flexible with their schedules since they often have extra time off around the holidays.

Now, it’s always better to offer more flexible access to your house. But the reality is, you don’t have to stop the process entirely – especially when you have a great agent to help you navigate each step along the way.

4. Holiday Décor Can Make Your House Shine

For many buyers, a tastefully decorated home can create a warm, inviting atmosphere. It’s easy for them to imagine holiday gatherings and cozy nights in a space that feels just right. Keep your choices simple to let your home’s charm shine through. An article on holiday home-selling advises:

“If you’re selling around a holiday and have decorations up, make sure they accent—not overpower—a room. Less is more.”

Bottom Line

There are plenty of good reasons to put (or keep) your house on the market during the holidays. Reach out to a local real estate agent and see if this is your moving season.

Read more like this at Keeping Current Matters

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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