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A Smart Solution with Multiple Benefits As lifespans and housing prices continue to rise, multi-generational housing will provide a smart solution for families The benefits include close familial relationships, live-in caregivers for the young and the aged and the pooling of financial resources. As Boomers live longer, multi-generational living provides a way for parents to simultaneously take care of their children and their own parents. If grandparents are in good health and willing, they could help care for young children while they live on the property. Many families are realizing that the grandparents or other family members are the best people to help with childcare and raising the next generation. There is no replacement when it comes to a close-knit family. Living in a multi-generational household is also good for the senior generation who can suffer from loneliness in their final years. This type of living can help support their mental health in their later years and may even slow their physical deterioration. What better way to live the rest of your life than by being amongst your loved ones? Outsourcing, say, cleaning is a major source of contention for your family, it may make sense to pool together resources and hire a house cleaner to come every week or so. The benefit of living together means being able to use all your resources — both time and money — for the good of the family, so indulging in outsourcing certain chores could make sense for everyone in the family. Older generations also contribute to household finances. More than half reported paying for household expenses, including up to 75 percent living with single parents and grandchildren. Increased student debt and rising living costs have influenced 35 percent of young Canadians ages 20 to 34 to live with their parents. This figure rises to 50 percent in Toronto and Oshawa. Only 27 percent of young Canadian adults age 20-29 lived with their parents in 1981, but now 42 percent do.
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