What does the typical American household look like?

If you answered it’s Mom, Dad, and two kids, your thinking is out-dated.

Census figures show some 6 million and counting households now consist of more than two generations.

Lately, the economy has spurred the trend, with “need-based” living arrangements, like grandparents moving in to help out while parents work, notes Donna Butts, executive director of Generations United, a Washington, D.C., nonprofit.

But the real thrust is the “quality of life” families find from sharing an address, says Butts. “We hear all the time from families who are making the choice to be together,” she says.

If your family is already part of this trend, perhaps you’ve been thinking of moving to a home with amenities more amenable to multi-generational living.

If you’re a seller, it makes sense to highlight aspects of your home that may appeal to these families.

Here, a guide to some the “relative” aspects of buying or selling for this growing market segment:

Looking For Privacy
The 2010 New American Home built by the National Association of Home Builders has two complete master bedrooms at opposite ends of the one-story structure. The second master is a direct acknowledgment of the multi-generational market and its need for some degree of separation under one roof, notes Stephen Melman, NAHB director of economic services.

Real estate agents concur extended families usually seek a floor plan that allows some members to retreat into privacy.

An extra master is just one example of a privacy escape route. Many urban properties are two- and three-story structures, with one floor set up as a separate apartment, and these are often sought after by extended families, relate city agents.

In suburban areas, a home may have a finished walkout basement, even an equipped kitchen, notes Ron Phipps, a Warwick, R.I., REALTOR® and 2010 president of the National Association of REALTORS®. Although originally intended as a recreation area, it also can be marketed as a feature appealing to extended families.

In Bowling Green, Ky., John Huggins, president of Coldwell Banker Legacy Real Estate, says he’s seen pool houses and garage apartments clinch the sale. A floor plan with a bedroom and bathroom placed off the main traffic path also attracts these buyers, Huggins notes.

However, zoning laws must be considered when building or rehabbing a structure for multi-generational families, adds Huggins. In his area, for instance, owners can build a second “in-law” structure, but it must sized within a certain percentage of the main house.

Thinking Through Financing
It may be possible to have the incomes of different generations considered to qualify for a mortgage, notes Jeri Lynn Fox, president of the Illinois Association of Mortgage Professionals.

However, she always suggests families first consult an attorney for advice. “The names of the [borrowers] on the mortgage should match the names on the title to the home,” she explains. “You need to talk with an attorney about inheritance issues, like what would happen should someone die who is on the title,” notes Fox.

Managing Money
Besides the issue of who pays the mortgage, the host of other household bills and unexpected expenses that you can expect to pop up call for a well-defined game plan.

“In marriages, the biggest issue that causes discord – even divorce – is money,’’ notes Butts. “The same problems can happen with [extended] families, “she adds.

“Money issues aren’t easy, but you need to discuss who pays what, and you need to re-visit the discussion every few months as the economics of the family change,” suggests Butts. “For instance, if a young adult is moving back in with his family until he can get his own place, you should even discuss what level of savings he will eventually need.”