Why the Sandwich Generation Is Buying Multi-Generational Homes

Why the Sandwich Generation Is Buying Multi-Generational Homes

Are you part of the Sandwich Generation? According to Realtor.com, that’s a name for the roughly one in six Americans who care for their children and their parents or grandparents simultaneously.

If that sounds familiar, you know juggling all those responsibilities can be challenging. However, there’s one significant benefit: it can actually make it a bit easier for you to buy a home.

How Can It Help You Buy a Home?

Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of children and parents simultaneously is helping them afford a home. A third of respondents said their situation made it easier to buy (see graph below):

Here are several ways their caretaking situation might be aiding those 33% in purchasing a home:

• Sharing Expenses: If you live in a multi-generational household, you can combine your resources and share expenses. Your parents might contribute to the mortgage or help with other bills, which can make a significant difference, especially in today’s housing market. This collaboration might enable you to afford a larger home than you could on your own.
• Built-In Childcare: Having grandparents in the home can also save you money on childcare. They can help watch your kids while you’re at work, allowing you to save on daycare costs.

Beyond the financial benefits, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:

• Easier To Care for Aging Parents: It’s more convenient to take care of someone when you live with them. Additionally, your elderly parents may be happier and healthier due to increased social interaction and a sense of connectedness.
• Spending More Time Together: Living together allows you to spend more time and create even more lasting memories with your loved ones.

The Mortgage Reports sums it up this way:

“Buying a house with your parents can be a great way to ease caregiving, support young children, or simply bring loved ones closer together. And considering the steep rise in home prices over the last few years, it can make homeownership a lot more affordable.”

How a Real Estate Agent Can Help

If you’re in the Sandwich Generation and considering buying a multi-generational home, working with a local real estate agent is essential. Finding a home that accommodates multiple people can be challenging. An agent will use their expertise to help you find one that meets the needs of everyone and provides enough space for all who will live there.

Bottom Line

Being part of the Sandwich Generation comes with its challenges, but it also has a great perk. If you’re looking to buy a home, your caregiving situation can actually make it a bit easier to afford one. To learn more, let’s connect.