1 in 5 American households are multi-generational and interest in multi-generational housing is increasing*. Multi-generational housing is defined as a home with members of more than two generations living under the same roof. Whether due to necessity or preference, more families are considering this arrangement and Minneapolis is well suited to address this demand.
There are many reasons to consider multi-generational housing, including:
• Financial – save money on mortgage payments by sharing costs
• Caregiving and Childcare – ability to share in caregiving of aging relatives or young children
• Cultural norms – multi-generational housing is common amongst many cultures
Accessory Dwelling Units (ADU): In Minneapolis, an Accessory Dwelling Unit is defined as a room or set of rooms with its own cooking, sleeping and bathroom facilities which are located on the same lot as a single family or duplex home. The ADU must be smaller in area compared to the main dwelling. Minneapolis allows for three primary ADU types: internal, attached and detached. You can find properties with an existing ADU with a custom MLS search.
Multi-Family (Duplex to Fourplex): Our specialty! A duplex or fourplex may be the perfect solution for you. There are many options in the Twin Cities market for all types of budgets.
Two Houses on the Same Lot:. This is an ideal situation for some families but you will need to use commercial financing to purchase this type of property. These properties do not qualify for residential financing due to the limited number of comparable type properties. These are uncommon in the Twin Cities market.
You will want to create a customized search for this type of housing on the MLS whether you are looking for ADU’s or multi-family properties. With limited multi-generational housing inventory you will need to act fast!
1 in 5 American households are multi-generational and interest in multi-generational housing is increasing.
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