The morning paper has a story of a San Diego, California, couple who sold their three-story home in a very nice part of town to move into their rental apartment building along with their grown kids and their children. As a mom of four in that same very-high-rent, high-cost-of-living area of the country, where two-bedroom apartments currently rent for over $2,000 a month on average and where buying an average-priced home means needing a $120,000 down payment (!) and an annual income of nearly $105,000, I am intrigued by this idea.
Unlike the couple featured in the story, however, I don’t have a handy apartment building to set everyone up in. I do, however, have a house and a small yard, and I’m starting to consider the possibilities. A tiny house, for one, stationed in a corner of the backyard could become home to a single adult or a couple. Even a large camper might do.
We also have one bedroom on the first floor whose wall was removed by a former owner that could be put back into use as a bedroom. It’s directly next to a full bath. A little engineering of walls could make this a cozy section of the house for one or two people.
Add to that a two-car garage that possibly, with a little insulation and installation of plumbing fixtures and more electric, could become a comfy 500-square-foot dwelling with its own entrance. People do stuff like this to open up airbnbs all the time. Why not make your home a complex for the family, especially if the possibility of your kids every buying diminishes by the year? It sickens me to think that cumulatively, my three kids who are out on their own fork over nearly $3,000 in rent every month. That’s money they could be pocketing and possibly saving up for a home of their own one day. Of course, if this idea of mine ever came to fruition, I’d charge the kids for rent, but it wouldn’t amount to an annual outlay of $36,000, that’s for damn sure.
The matriarch and patriarch of the Haven family featured in the article are in their seventies and eighties, so while they currently enjoy their separate apartment in the building, they know that one day, if needed, they won’t have far to look for help from family. That, to me, is a big bonus too. Sure, I want my kids to have their independence and the feeling of accomplishment of living on their own, but I’m a little selfish too in wanting them close by.