Everyone can feel the new normal of thinking about their expenses. Those who earn in the top one percent might not feel it, but for those who are middle class or lower, trying to stay afloat in this economy is getting harder and harder.
To combat inflation and housing costs, families are moving in together under the same roof.
A Generations United 2021 report on the impact of the economy called, “Family Matters: Multigenerational Living Is on the Rise and Here to Stay,” finds that the number of Americans living in a multigenerational household with three or more generations has nearly quadrupled over the past decade, with a dramatic increase of 271% from 2011 to 2021.
In 2022, 19.9% of Native Hawaiian and Pacific Islanders lived in a multigenerational household, the most likely racial demographic to do so. Blacks need to consider taking on the same behavior to reduce expenses and increase education opportunities.
“We decided to bring my mother to live with us after my father passed,” John from Tulsa said. “It made sense to be able to care for her, and my kids in one location. That way, we reduce our costs of living everywhere and we can provide my mom with the kind of care she deserves without breaking the bank.”
By living together as one unit, care at home can be provided, while preserving an inheritance to pass down to future generations. Brave grandparents may also volunteer to help with childcare for any grandchildren! Religion and cultural norms are often a strong factor in families living together.
With both parents now expected to work to maintain a quality of life, grandparents are stepping in to reduce the cost of daycare. Culture also plays a key role in families coming together to live.
The quality of education suffered during the pandemic and homeschooling, and cultural teachings from generational living can bridge the gap for families where education is important.
There are difficulties with having three generations of people living under one roof. Space can become a problem and privacy for young people can be harmed.
Black mothers, who tend to live without a mate, could benefit from the added help in child rearing, financial assistance, and increased adult presence in the home.
Among mothers near the end of their childbearing years, Hispanics and Blacks have the largest families. On average, a Hispanic mother aged 40 to 44 has had about 2.6 children. By comparison, Black mothers have had about 2.5. White and Asian mothers have families that are a bit smaller, on average.
With Blacks having larger families, the impact of living together could also be higher. Blacks also, on average, have the lowest income of all races. Living together could increase the overall household income, allowing for advanced financial decisions to be made.
Living in a multigenerational household appears to confer a financial benefit by buffering residents against poverty, according to census data. Americans living in multigenerational households are less likely to be poor than those living in other types of households. This is especially true of some economically vulnerable groups, such as unemployed people.
Living together does not just mean living generationally. Households of all backgrounds and types are taking advantage of coming together.
“When my cousin decided to move in with me, we knew we would both benefit financially,” Rhonda from Ohio said. “We have found that our kids seem happier, the house is full of laughter, and we have bonded as a family.”
Cousins are moving in with cousins, same-sex parents are moving in with same-sex parents, and friends are moving in with friends. There are even situations where strangers are moving in with strangers.
NBA New York Knicks’ Mitchell Robinson invited his high school coach to move in with him after the coach’s wife died.
Butch Stockton shared how Robinson visited his wife, Dawn, every day when she was in the hospital and later invited his old coach to move in with him after her death in September. Robinson knew that his high school coach could use a change in scenery and a change in pace.
The two have been roommates since September and Stockton and Robinson have grown closer. Stockton said they both help each other out and the friendship has grown special.
For anyone considering moving in together, precautions should be taken before the decision is made.
Compatibility is crucial when deciding to live together. All parties should understand the benefits and liabilities of sharing space. An agreement should be drafted to ensure that if the situation does not work out, no one is kicked out or harmed by the separation.
There is no doubt that Americans are going to have to adjust to the constant financial pressure of surviving. With Black families at the bottom of the income column, they especially should consider being extended families to reduce their financial burden and increase how many adults are in the household.
The trend for generational living will continue to increase if inflation outpaces income. That, along with the rise in housing costs, makes the option increasingly realistic.
“For us, it was the only way to see an immediate reduction in our expenses with the way things are going right now,” said Michelle from Detroit.
