that’s my family. i was the first to be born in america, and i spent the first 4-5 years of my life living with all my aunt and uncles. give ya an example.
the first home was a rental. everyone lived there. they scraped and saved and bought 5 br 2 bath, with a finished basement. it sounds like a large house, it wasn’t. the rooms were not very large. in this home?
gma and older aunt had their own bedrooms on first floor. upstairs the youngest aunt had her own room, married uncle had a room for him and his wife, and 3 other uncles shared a room. youngest uncle lived in partially finished basement. 3 went to college while the rest worked to help pay for college. post college they lived at home to help pay off the house. when someone got married they eventually moved out, some stayed during the early stages. my mom was one of the older daughters, she moved out after i got to be around 2-3 but we were there 3-4 nights a week helping out with cooking etc.
when people eventually moved out for real, no one asked for equity in the homes. everyone chiped in and saved plenty. no one had to cook, most of the younger ones didn’t even have to buy food. it was family, it all comes around.
every single person owns a home now. aunt is a banker, uncle engineer, other uncle was a brain surgeon. meanwhile the next generation, only 3 of us own homes, despite being born here. but we beat them in doctorates :P.
i personally could entertain the idea of living with my sister and her partner for a few years to save money, as long as the house had enough space, but i married a white woman, no way in hell that’ll fly, lol.
There’s an Indian family that lives in the neighborhood next to me. At least three generations live there. The house is 10,000 sqft and probably cost $4-$5M.
I see it happening. House prices are dropping in Ontario and houses still linger on the market for a long time. I moved my mom in with us because living in assisted living was driving her crazy. The other thing is assisted living is super expensive. If you are just getting meals and assistance with meds you are talking 50K a year. The typical pt is paying more like 70K a year. My mom owned her condo in the assisted living place and way paying 50K a year. The only way most people afford that is using funds from sale of home. And for 70-80 K a year one parent could stay home save 20K a year on childcare and with grandparent contributing to household makes lots of financial sense. The 70-80K a year is after tax money.
Meanwhile I am paying 60K a year for daughter to go to medical school between housing and tuition. My mom is one of ten kids. She and older sister are only ones left. Older sister moved in with her oldest daughter and son in law a few years ago. She is 92 I think. My mom is 86 and is youngest girl in family. My cousin moved back from BC after being a director in their forest fire service for about 15 years . I’d like to get my mom and her sister together but they live 5 hours drive apart and don’t travel so well anymore. They talk on the phone every few weeks.
This sounds like the Chinese associations in San Francisco. My landlords were part of one and he was the head of it. Families contribute money and then the money was given out as loans to buy houses or start a business. You then put money back into the association. Almost like a private credit union.
My nephew has over an acre and a half and is going to build a shop so I’ll just have him build me a suite attached to the shop for when I don’t want to live in Nashville anymore. I can have a place at his house, but not ~in~ his house, and then spend the rest of the time traveling.
I think this is the ideal set up, an inlaw suite or detached space on same property.
I actually looked at a project last year where a three generation family wanted to gut the old 50s era family home and build a large addition on to it, as well as a detached carriage house for future generations.
Ultimately, rising build costs scared them away as we were looking at close to $2M project cost and the elderly generation financing most of this couldn’t wrap their head around that seeing as they paid like $20,000 for the original house .
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