Author: Danielle Antosz

Suppose you’re 24 and earning a steady salary for the first time in your life.

Your goal is clear: save $10,000 per year and eventually buy a house. But like many in their 20s, you’re unsure whether you should prioritize retirement savings or homeownership.

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Max out my IRA now or put all my savings toward buying a home? It’s a question increasingly common among young adults navigating early financial decisions.

It’s not a stupid question at all. In fact, it’s a smart one — and there’s no one-size-fits-all answer.

Here’s a closer look at the tradeoffs of investing in retirement early versus saving aggressively for a home.

Pros and cons of maxing your IRA

Opening and contributing to an IRA in your early 20s is one of the most powerful moves you can make for your long-term financial security. Thanks to the magic of compound growth, even small contributions made early can grow into significant savings by retirement.

Upsides of maxing your IRA

• Early growth = less pressure later. A dollar saved in your 20s has decades to grow. For example, if you invest $6,000 at age 24 and earn an average annual return of 7%, that single contribution could grow to nearly $45,000 by the time you’re 65.

• Tax benefits. Depending on the type of IRA you choose, you could see tax advantages now (traditional IRA) or in retirement (Roth IRA).

• Flexibility with Roth IRAs. If you choose a Roth IRA, you can withdraw your contributions (not your earnings) at any time without taxes or penalties. That gives you some wiggle room if you later decide to use the money for a down payment.

That said, using an IRA as a piggy bank for home savings isn’t ideal — and comes with major risks.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Downsides of maxing your IRA

• Market volatility. Unlike a high-yield savings account, your IRA is invested in the market. If you plan to buy a home in the next few years, a market decline could drop your savings just when you need them. Remember, with investments, you don’t truly "lose" money until you withdraw.

• Retirement money should stay retirement money. Even if you technically can pull Roth contributions early, you shouldn’t unless you absolutely have to — if, say, you’re facing eviction or medical emergencies. The earlier you raid retirement accounts, the harder it is to rebuild your savings.

• Complex withdrawal rules. While the IRS does allow you to withdraw up to $10,000 from an IRA for a first-time home purchase without penalty, it only applies under certain conditions and may still involve taxes.

The takeaway? An IRA is a powerful tool for long-term financial growth but it’s not a substitute for a short-term house fund. Use it to set up your future, not to float your present.

Other factors to consider

Before deciding whether to max out your IRA or focus on a home down payment, it’s important to look at the full financial picture. Buying a house matters but so does your financial foundation.

• 1. Do you have an emergency fund? If you don’t have at least three months of expenses saved, hitting pause on both home and retirement savings might be smart. An emergency fund protects you from dipping into retirement accounts or taking on debt when life throws you a curveball.

• 2. What’s your timeline for buying a home? If your goal is to buy a house in the next three years, your savings strategy should be conservative. A high-yield savings account or short-term CD may be better than investing the money, since it avoids market risk. But if homeownership is five or more years away, splitting your savings between a Roth IRA and a house fund could make sense.

• 3. Are you carrying high-interest debt? Paying down credit cards or other high-interest loans can offer a guaranteed return — often more than you’d earn investing. It also improves your credit score, which can impact the mortgage rate you’ll pay when you do buy a home.

• 4. Are you taking advantage of employer retirement plans? If your job offers a 401(k) match, prioritize that before the IRA. It’s essentially free money your employer is contributing to your retirement. After that, any leftover savings can be divided based on your goals.

• 5. Why is buying a home important to you? Buying a home is a major milestone, but it’s not the only one. Saving for retirement in your 20s means you won’t have to play catch-up later. On the flip side, if owning a home will provide stability, reduce rent costs, or serve as a stepping stone toward building equity, it may be worth focusing on.

Ultimately, there’s no perfect answer. But if you’re asking these questions now, that’s not a sign you’re on the right track.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Florida has rewritten a large chunk of its agricultural rule book.

On May 15, Governor Ron DeSantis signed Senate Bill 700 into law. The 100-plus page “Florida Farm Bill” rewires state agriculture from the faucet to the skies.

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The law bans community water fluoridation, forbids plant-based drinks from using words like “milk,” grounds activist drones, shields 4-H projects from zoning fights and lets growers sue banks that deny loans over climate policies. Most provisions kick in by July 1, reshaping daily life for farmers and consumers alike.

Here’s how these changes could impact Floridians.

Removing fluoride from water could have health implications

The headline change of the bill is a statewide ban on adding fluoride to drinking water. The law doesn’t specifically mention fluoride; rather the law bans “The use of any additives in a public water system which do not meet the definition of a water quality additive as defined in s. 403.852, or the use of any additives included primarily for health-related purposes."

DeSantis called fluoridation “forced medication on people” and said residents can add the mineral at home if they wish. Florida is only the second state to ban fluoride in drinking water; Utah outlawed it in March. But officials and medical experts are concerned about the long-term impact.

Miami-Dade County Mayor Daniella Levine Cava shared a statement in which she said, in part:

“I am deeply disappointed by the Florida Legislature’s decision to pursue a statewide ban on water fluoridation, a decision that disregards the overwhelming consensus of dentists, doctors, and medical experts and will end a practice that has been in place for decades to protect our health.”

The Centers for Disease Control and Prevention (CDC) and American Dental Association still rank water fluoridation among the top public-health wins of the 20th century, noting it cuts cavities by more than 25% even in the toothpaste era.

Hawaii, where only 11% of residents get fluoridated water, records the nation’s worst child-decay rate — 71% of third-graders have tooth decay, compared to the national average of 52%.

The CDC notes that cavities often go untreated and can cause pain and severe infections that may result in issues with eating, playing and learning. In some cases, cavities can lead to abscesses, which can, in rare cases, lead to death.

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Food labeling changes

The bill also orders “truth in labeling,” targeting plant-based or lab-grown products. These products can no longer use the words milk, meat, poultry or eggs.

"If it’s not grown on a hoof, you’re not going to be able to call it meat," Florida Commissioner of Agriculture Wilton Simpson said at the signing ceremony held on his property.

"And if it’s not out of an udder, you’re not going to be able to call it milk."

For producers, this law change means they must make changes to labeling including removing the word "milk" from packaging for milk alternatives like soy milk, oat milk and almond milk. Shoppers can expect clearer language on the products they buy and, possibly, a modest price hike as procedures scramble to update their packaging.

Other farm-related laws and their impact

The law also covers three other farm-related topics, including drone usage over farms, 4-H funding and how lenders extend credit to farmers.

Flying a drone over agricultural or hunting land without written consent is now illegal. Florida House of Representatives Member Danny Alvarez said the measure ensures farmers are protected.

"Our farmers and hunters are the backbone of Florida’s heritage, and they deserve to be protected from those who would use drones to intimidate and disrupt them. I’m glad to see Commissioner Simpson lead forward and fight back against those who would try to cause them harm,” shared Rep. Alvarez

Drones have been used by activists looking to monitor poaching and illegal deforestation and keep a watchful eye on zoos and aquariums. In 2013, People for the Ethical Treatment of Animals (PETA) launched a drone campaign to track illegal hunting in Massachusetts. They’ve also been used to get a bird’s-eye view of factory farms in the midwest. However, no major news sources have reported on any Florida farmers being harassed by drones. In fact, farmers are beginning to use drones to detect pests and signs of stress in crops.

The bill also protects 4-H and Future Farmers of America (FFA) programs. Under the bill, local governments are banned from zoning changes that make it harder for 4-H and FFA programs to operate. Schools can now classify on-campus barns and gardens as “agricultural,” shielding student livestock projects from zoning disputes and even providing scholarships for FFA dues.

And a bill provision called “Florida Farmer Financial Protection Act” bars lenders from denying credit to producers because of environmental, social or governance (ESG) standards and lets farmers sue if they suspect discrimination.

Anthony DiMarco, executive vice-president of government relations at the Florida Bankers Association, was reported to have objected to the provision, saying it would increase lawsuits against lenders, bar banks from cutting ties with high-risk clients such as medical-marijuana firms and encourage other industries to demand the same legal weapon.

With fluoride on its way out, labels changing, drones grounded and lenders on notice, Florida’s farm bill is redrawing the state’s agricultural landscape — leaving dentists, plant-based brands and bankers bracing for what comes next.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Piles of bricks and debris lined the streets and sidewalks of the West End neighborhood in St. Louis after tornadoes ripped through the area on May 16, killing at least five people and damaging thousands of homes and businesses.

For longtime resident Bobbie White, the destruction was devastating. Her home was severely damaged, and she says her son’s house, just a block away, was left without a kitchen or bathroom after the back of the structure was torn off.

“My house was destroyed. My son’s house was destroyed,” she told First Alert 4 in a story published May 23.

Amid the community-led cleanup efforts and volunteer support, White says opportunists came circling.

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“They got these vultures down here, talking about ‘Do you want to sell? Do you want to sell?’ I let them know: If I don’t send for you, don’t you come for me,” she said. “Licking your chops thinking you’re getting prime property for pennies on the dollar. That isn’t going to happen.”

Who are these types of buyers, and how can homeowners protect themselves in these situations if they’re asked to sell?

How the city is helping residents

St. Louis Mayor Cara Spencer says officials are working toward tackling such buying practices, according to the local broadcaster. One action the city has taken is to pause real estate tax sales and what Spencer called “land grabs.”

Still, homeowners may feel pressure to sell from so-called disaster investors. For those without adequate insurance — or who simply don’t want to rebuild — the offer of fast cash can be tempting, even if it’s far less than their property is worth.

Disaster investors are individuals or companies that purchase destroyed or damaged properties at discounted prices with the goal of salvaging them or flipping them for a profit. Some investors may claim they’re helping to rebuild devastated communities by assuming the financial risk of buying damaged properties, while critics call them exploitative.

Meanwhile, Central West End resident Ali Rand has created a grassroots movement to recruit volunteers and raise money to help St. Louis homeowners, according to First Alert 4.

“I’m going to do whatever it takes for it to stay my neighborhood and for my neighbors to stay here. Without them, what will happen to the City of St. Louis? That is my biggest fear. I cannot have the city fail,” Rand told the broadcaster.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

What to do if you’re approached by a disaster investor

If someone offers to buy your home after a natural disaster, don’t rush into a deal — even if the offer sounds appealing. Here are a few things to consider first:

• Check your insurance: If your home is insured, your payout could cover repairs or even rebuilding (up to a policy limit).
• Don’t accept the first offer: In the wake of a disaster, you may initially get a lowball offer for your property. If you plan to sell, get a second opinion from a local real estate agent.
• Ask questions: What is the buyer’s plan for the property? Are they offering a fair price for the land value alone? If you’re unsure, consult with a housing counselor.
• Look into grants or relief programs: Government aid may be available to help cover temporary housing or emergency repairs.
• Consider your long-term goals: Selling for a quick payout may solve today’s crisis, but it could hurt your finances down the line.

As St. Louis works on recovery, residents like White and Rand are doing everything they can to fix their homes and protect their community.

“I will rebuild," White said firmly. “I haven’t worked 51 years for nothing.”

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

A Canadian man has been arrested, sentenced to two-and-a-half years in prison and ordered to repay $420,000 he stole in Social Security benefits over a 30-year period, the U.S. Attorney’s Office in Alaska said in a news release May 12.

Ellis Kingsep, 77, was legally living in the U.S. and used an "elaborate scheme" to collect Social Security benefits intended for his mother, the office says. His mother would now be 103 years old, but no records of her exist past 1993 and she’s presumed dead.

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As President Donald Trump has pushed to uncover what he called "shocking levels of incompetence and probable fraud" in Social Security, this situation highlights concerns about how long-term fraud can slip through the cracks, especially when beneficiaries die and no one reports it.

How did Kingsep keep receiving payments?

Kingsep’s fraud, the office says, relied on a complex system of mail forwarding that helped him receive and send mail in his mother’s name. Citing court documents, it says he used multiple private mailbox accounts in California, Vancouver and Alaska to intercept and reroute mail.

It’s estimated the scheme was devised in 1995 and continued undetected until 2023, when a federal investigator uncovered the deception. At this point, the payments were stopped.

Kingsep was arrested in July 2024 and in December pleaded guilty to one count of mail fraud. In addition to the prison sentence and restitution, the court also imposed a $50,000 criminal fine and ordered him to serve three years of supervised release following his incarceration.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How common is Social Security fraud?

Since taking office in January 2025, Trump has repeatedly made unverified claims about widespread fraud in the Social Security system. During a joint session of Congress, Trump claimed,

"1.3 million people from ages 150 to 159 and over 130,000 people, according to the Social Security databases, are age over 160 years old." He even said that one person was listed as being 360 years old.

While the numbers sound alarming, these statements reflect a misunderstanding of the data rather than actual fraud. Millions of people in the Social Security database appear to be over 100, but that’s largely because they died before death records were digitized, and their deaths were never formally recorded. Nearly all of those individuals are no longer receiving benefits. In fact, the Social Security Administration (SSA) reports that just 0.1% of Social Security retirement beneficiaries are over the age of 100. SSA policy also halts payments for beneficiaries over the age of 115.

In terms of financial errors, the SSA’s Office of the Inspector General reported nearly $72 billion in improper payments in 2024. But that number included overpayments and underpayments to beneficiaries.

The Inspector General’s office has made several recommendations to improve payment accuracy, though many remained to be implemented as of August. Still, fraud itself appears to be rare. Kathleen Romig, Director of Social Security and Disability Policy at the Center on Budget and Policy Priorities, noted that Social Security maintains a payment accuracy rate of nearly 99%.

The Kingsep case is a rare example, but it highlights the importance of keeping records up to date. When a loved one who receives benefits passes away, the funeral home usually notifies the SSA. If no funeral home is involved, you can report the death directly by calling 1-800-772-1213.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Residents of the Westbury Reserve Apartments in southwest Houston are finally seeing some relief after weeks of dealing with the stench of uncollected garbage, no hot water and no air conditioning.

"I can’t open my window. I come out here every day, especially with that rain. You know how that smells,” resident Bernard Joseph told Fox 26. “They ain’t dumped the trash in two months."

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But that wasn’t the only concern. Tenants said squatters were breaking into vacant units, sewage was backing up into buildings and basic maintenance was nonexistent. Some residents said the issues have been occurring since Christmas.

After weeks of pressure and nearly 30 health department violations, the property owner stepped in with promises of cleanup and change. But how it got this bad is a tangled story.

‘The buck stops with me’

Robert Ritzenhaler, owner of Westbury Reserve and CEO of REM Capital, blamed the severe neglect on AMC Management, the third-party property management company he hired.

"At the end of the day, the buck stops with me, as one of the owners of the property,” he told Fox 26. “That doesn’t mean there isn’t a story behind it, of course.”

Ritzenhaler said he was shocked to learn a $10,000 trash bill had not been paid, despite more than $366,000 reportedly sitting in the property’s account. According to him, AMC requested approval to pay the trash bill only a month ago. He signed off, but said AMC’s payment process caused a delay.

“I shouldn’t have to approve a trash bill,” Ritzenhaler said. “The contract specifically states that they will take care of managing the property and keeping it habitable.”

AMC Management disputed that version of events. In a statement to FOX 26, the company said, “AMC never sought permission to pay trash collection bills … nor was it required to under the property management agreement."

Instead, AMC claims REM Capital failed to provide funds to pay contractors and even fell behind on payroll and management fees. AMC sent a termination letter, which took effect May 1.

Ritzenhaler has since dispatched a new team member to oversee a full-scale cleanup and repairs effort. Top priorities included clearing trash piles, boarding up broken windows, resolving sewage backups, restoring hot water and tackling pest problems.

He’s also working to fix or replace broken gates, potholes and expired fire extinguishers. The pool area — described by the fire marshal as “unacceptable” — must also be brought back to code.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

What to do if you’re caught in the middle

Tenants at Westbury Reserve say they were left in the dark for months, unsure who was responsible and with no clear way to get help. If you ever find yourself in a similar situation, here are some steps that can help:

Document everything

Take photos and videos of the conditions in your unit and around the property. Keep records of rent payments, maintenance requests and any communication with management.

Contact property management and owners

Make sure the property managers understand the extent of the issues. If they aren’t responding, try reaching out to the property owner directly. Public property records or business filings can help you track them down.

File complaints with authorities

You can file complaints with housing authorities, the health department and sanitation services. In Houston, this includes Solid Waste Management and the Department of Neighborhoods.

Seek legal aid

Nonprofits like Lone Star Legal Aid in Texas offer free or low-cost legal help if you believe your rights as a tenant are being violated.

Finally, consider contacting local media. Residents at Westbury Reserve only got results after a news station picked up their story. Sometimes, public pressure is the only way to spark action.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

In early May, construction crews working in the parking garage of South Beach III Condominiums in Clearwater, Florida, spotted a "several‑foot‑wide crack” in a concrete support pillar.

As CBS News reports, they immediately flagged the structural concern, eager to prevent another tragedy like the 2021 condo collapse in Surfside, Florida, which killed 98 people.

Within two hours, firefighters were knocking on doors in the 12‑story tower, hustling roughly  60 residents onto the street with what they could carry.

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“Basically for like two days [I’m] wearing the same clothes until things kind of calmed down,” resident Scott  May told FOX 13.

A week later, engineers installed heavy shoring and declared the column stabilized. Most condo owners were allowed to return to their units — but not those with condos stacked over the column. They were left in limbo.

Even the homeowners who could return had to agree to restrictions: no construction or remodeling without written board approval, no deliveries over 75 pounds, and closed balconies above the damaged pillar.

It’s the latest example of how post-Surfside safety legislation is impacting condo residents..

The impact of Surfside: How one tragedy rewrote Florida laws

When the Champlain Towers South condominium crumbled in Surfside in 2021, it exposed decades‑old gaps in Florida’s building‑safety oversight.

In 2022, lawmakers passed Senate Bill 4-D, also known as the milestone-inspection law. Key points include:

• Mandatory structural reviews: Every condo of three or more stories must undergo a ‘milestone inspection’ by an architect or engineer 30 years after completion, or 25 years if it sits within three miles of the coastline, followed by re‑inspections every 10 years.
• No more reserve waivers: Associations must fully fund reserves for major repairs. Board members who skip or defer funding face personal liability.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

The new rules have already shuttered several condo towers for several years. One high‑profile case is Miami Beach’s Castle  Beach  Club condominum — in which the onsite spa (Russian & Turkish Baths) was forced to close for structural repairs in 2022.

The spa finally reopened after a three-year shutdown that kept portions of the 570-unit building off-limits and saddled owners with steep special assessments.

The U.S. Sun reports that the monthly dues tripled at Winter  Park  Woods near Orlando after the HOA board rushed to meet the new reserve rules under the law.

One condo owner’s monthly HOA fees jumped from $634 to more than $2,100. Some longtime owners were pushed toward foreclosure or fire‑sale listings.

State officials like Rep. Vicki Lopez, who sponsored the bill, insist the cost is worth it.

"We have strived to reach that delicate balance between the safety of our constituents that live in condominiums, as well as understanding the incredible financial impact that sometimes these particular bills that we pass have,” she told WESH News.

What to do if you’re evacuated for structural issues

While you can’t anticipate being forced to evacuate your home for structural reasons, it’s good to have a grounding in the steps to take to make the disruption easier to navigate.

Here’s what to do if you’re forced to leave your home:

• Get documentation. Get, in writing, the official word on why the building is off limits and how long engineers expect repairs to take. Under Florida’s condo law, the condo board must share safety findings with owners and tenants upon request.
• Call your insurance company. Next, contact your homeowners’ insurance company. A standard condo policy often includes Loss‑of‑Use (Additional Living Expense) coverage to reimburse your hotel bills, short‑term rentals and even the cost of boarding pets while your unit is uninhabitable. Make sure to save receipts for boarding, hotel, and food, as your insurance may require these for reimbursement.
• Talk to your lender. Unfortunately, being evacuated from your condo won’t halt your mortgage payments. Contact your lender and inquire about a short-term forbearance or other options that may help you cover the costs of alternative accommodations while repairs are being made. Depending on its policies, you may be able to skip a few months of payments and tack them on to the end of the mortgage term.
• Look for government assistance. Look for programs at the city or county level as federal support may be limited. For example, programs like FEMA generally won’t help, as grants require the federal government to declare a disaster and typically exclude defects discovered before a collapse or storm.
• Document, document, document. If possible, request limited access to your condo to photograph valuables and gather documents, then back up those photos to the cloud. Insurers and lenders may demand proof of condition later. Keep every email, notice, and receipt related to the disruption in one folder — special assessments, hotel invoices, even Uber rides — because you will need those when you file insurance claims, request fee waivers or seek tax relief.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When Reggie Van Lee’s great-grandmother, a Black woman, bought a plot of land near Houston in 1899, she likely couldn’t have imagined the home that would sit on it.

In 2012, Lee, a Harvard graduate, former Alvin Ailey dancer and current Houston Consulting Executive, built a massive 20,000-square-foot house on the plot of land with a great room, beauty salon, chapel and even a helicopter pad.

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But the home isn’t just for him — today. He lives there with his three sisters and even some of their spouses. Lee thinks togetherness is important, especially during a time when so much is uncertain.

"I built this house not just for my immediate family, but for my extended family, including friends," Lee explained to Fox 26 News reporter Damali Keith.

Can several generations and members of the family live together in harmony?

How do they all get along?

Lee said the house is large enough to have space for everyone to spread out and get together when they want. The master suite, for example, is on a separate side of the house.

"The house is large enough, so when you really want to be by yourself, you can. When you want to be with others, you can as well,” Lee said. “Having dinners together, family dinners together. It’s just amazing."

The home is large, but Lee added that they all use the space. Last year, they hosted a 300-person wedding for his now 77-year-old sister, who was getting remarried. They also hosted a party to commemorate the 125th anniversary of his great-grandmother purchasing the land.

But what happens to the family home when Lee is gone? He hopes it will stay in the family and has made provisions in his will to keep it as a family home or donate the home and the property.

"I want very much for this land and this house to stay in the family. In my will, it says if no family member lives in the house, the house actually goes to the Texas Historical Society. It’s not going to be a situation where Uncle Reggie dies, they sell everything, and split the money,” Lee said. “Especially in these times where there are so many forces of evil against us as people and against people coming together in love as opposed to being divisive, I think families should be the ones to send that message of togetherness."

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Should more Americans live with extended families?

According to 2022 U.S. Census, approximately 4.8 million households in the country are multigenerational, meaning they include at least three generations living together. While data on extended family households — those with aunts, uncles or cousins — is harder to track in the U.S. But it’s certainly commonplace in other parts of the world.

A Pew Research study reported that extended family households are the most common type of households worldwide, with 38% of people living with extended family. Nearly half of people in the Asia-Pacific area live with extended family, while only 11% of North Americans do.

But should multigenerational and extended family living be more common in the U.S.? Beyond emotional benefits, this arrangement offers practical and financial advantages.

Rising home prices make it a smart financial move

Housing costs in the US. are skyrocketing. According to Zillow, the average home price is now over $355,000 — an increase of 2.7% from last year. Living with extended family can help households share expenses and reduce financial stress. Additionally, purchasing a home rather than Purchasing a home, rather than renting, can also help families build generational wealth.

More child and elder care options

Childcare is one of the biggest expenses for American families. According to ChildCare Aware, a nonprofit supporting the U.S. childcare system, the average annual cost of childcare in 2023 was $11,582. For families with multiple children, this expense can exceed the annual earnings of one parent.

Elder care is similarly costly. A home health aide averages $6,292 per month, making in-home care financially challenging for many families. Living with extended family provides an alternative to expensive childcare or elder care while fostering a stronger family support system.

Improved financial security

Pooling resources in a multigenerational household can provide a financial cushion. With multiple incomes contributing to household expenses, families may be able to pay off debt, save more or invest more in long-term financial goals. This setup also offers stability during financial hardships, such as job losses or unexpected home repairs.

As more families face financial uncertainty and work-life balance challenges, multigenerational living may grow in popularity. For people like Lee, it’s not just a practical choice — it’s about preserving family bonds and creating a lasting legacy.

"At the end of the day, all we really have is family,” Lee said. “Too many people — Black people in particular — have given up family land."

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.