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, this term describes the roughly one in six Americans who care for their children and parents or grandparents simultaneously.

If this sounds like you, juggling all these responsibilities can be challenging. However, there's a significant benefit: it can actually make buying a home a bit easier for you.

How Can It Help You Buy a Home?

Realtor.com surveyed members of the Sandwich Generation, asking whether they agree or disagree that taking care of children and parents simultaneously helps them afford a home. One-third of respondents said their situation made it easier to buy (see graph below):

Here are a few ways their caretaking situation might be helping those 33% buy a home:

• Sharing Expenses: Living in a multi-generational household allows you to combine resources and share expenses. For example, your parents might contribute to the mortgage or assist with other bills. This arrangement can be especially helpful in today's housing market, potentially enabling you to afford a larger home than you could on your own.
• Built-In Childcare: Having grandparents in the home can also provide significant savings on childcare. They can help watch your kids while you're at work, potentially reducing or even eliminating the need for costly daycare services.

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

• Easier To Care for Aging Parents: Living with elderly parents can make caregiving more convenient, as you're readily available to assist them. Additionally, this arrangement can contribute to their well-being, offering more social interaction and a sense of connectedness, which can lead to greater happiness and improved health.
• Spending More Time Together: Living together provides more opportunities to spend time with your loved ones and create lasting memories.

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 part of the Sandwich Generation and considering buying a multi-generational home, it's crucial to work with a local real estate agent. Finding a home that accommodates the needs and space requirements of everyone involved can be challenging. An experienced agent will use their expertise to help you find a home that suits everyone living there.

Bottom Line

Being part of the Sandwich Generation has its challenges, but it can also offer a significant benefit. If you're looking to buy a home, your caregiving situation might make it easier to afford one. To learn more, let's connect.