Possible Options for The Middle Class
With the escalating home and gas costs, considering sharing a home with relatives may be a positive solution. Other cultures have seen the benefits of living multi-generationally, and many Americans used to embrace this idea as well. With the onset of the suburbs, individual housing became the norm and the makings of the nuclear family occurred.
Now it seems we are in need of the "old ways", joining together as a family in order to succeed.
If you can embrace this route, there are several housing options.
1. Split level homes, with kitchenettes on both floors.
2. Duplexes, both side by side or two levels.
3. Larger single family home on one or two levels.
The legal aspects you should consider.
1. Who will own the property? Will it be owned by all parties?
2. Medicaid forces assets to be liquidated. If any of the home's owners needs Medicaid their portion of the home's value will need to be liquidated. (This could be sticky if two owners need the home to live in and the third owner must go into 24/7 nursing care.)
3. We highly suggest you speak with an attorney before you buy.