Furthermore, 39 percent of the Coldwell Banker® January 2010 survey respondents cited financial drivers as the number one reason why home buyers or sellers are moving into a house with other generations of their family. Another 29 percent said that health care issues are the primary reason, and six percent cited a strong family bond as the main factor.

"Multi-generational living arrangements offer numerous advantages for homebuyers," said Clark W. Toole III, President, Coldwell Banker Residential Real Estate, Florida. "In today's economy, people are getting creative when it comes to saving money and pooling resources. Those who are responsible for caring for their elderly parents are finding it more convenient to have them living in their homes with them. Younger families benefit from one or two generations living with them to help with child care needs.”

Real estate professionals can help guide consumers who are looking for a home that matches the needs of all family members. They can help identify homes with the right number of bathrooms, bedrooms, suitable common areas, and other requirements. Some homes offer casitas or "mother-in-law" living quarters, providing more private living space. If you need a home office, the professionals can point you in the right direction and offer guidance about how you may be able to modify a space to accommodate what you're looking for.

• For sellers, it's important to emphasize the multi-generational living aspects of your home. Attractive features to highlight may be second master bedrooms with private baths; offices, lofts or converted space, large backyards. You want to be sure to point out unique features about your home that will attract buyers.
• Buyers should clearly describe their needs. Do you just need an extra bedroom? What about an more garage space for that extra car? You may need handicap accommodations. Inform your real estate professional if you must be within close proximity to schools, daycare, medical facilities or other areas that are important to your extended family.
• You might want to consider developing a formal contract that spells out exact arrangements for finances, care giving, household responsibilities and the like.

There are a growing number of people who are opting for multi-generational accommodations, helping to improve the quality for them and their loved ones.

Methodology: Coldwell Banker Real Estate conducted a national online survey on trends regarding multi-generational home buyers and sellers in January 2010. The survey yielded responses from 2,360 Coldwell Banker real estate professionals across the United States.