Why the Sandwich Generation Is Choosing Multi-Generational Homes

Are you part of the Sandwich Generation? This term, as defined by Realtor.com, refers to about one in six Americans who are simultaneously caring for both their children and their aging parents or grandparents.

If this situation resonates with you, you’re likely aware of the unique challenges that come with juggling these responsibilities. Yet, there’s a silver lining: it might actually help you when it comes to purchasing a home.

How Does It Assist in Buying a Home?

Realtor.com conducted a survey among the Sandwich Generation to see if they felt that caring for both children and parents made it easier for them to afford a home. A surprising one-third of participants believed that their situation provided an advantage in home buying (see graph below):

Here’s how being part of a multi-generational household can benefit you financially:

1. Shared Expenses: In a multi-generational living arrangement, you have the opportunity to combine financial resources. By sharing the cost of living, such as mortgage payments and utility bills, you can significantly ease the financial burden. This collaboration might even allow you to afford a larger or more desirable home than if you were to go it alone.

2. Built-In Childcare: Having grandparents living under the same roof can help save on childcare expenses. They can provide valuable assistance by looking after your children while you're working, reducing or even eliminating the need for costly daycare services.

Beyond these financial benefits, there are additional perks to multi-generational living. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), some of the most appealing advantages include:

• Easier Care for Aging Parents: Living with elderly parents can make caregiving more manageable. It allows for greater convenience and can contribute to their overall happiness and health, thanks to increased social interaction and a stronger sense of community.

• Quality Family Time: Living together facilitates more time spent with loved ones, leading to cherished memories and closer family bonds.

The Mortgage Reports summarize it succinctly:

"Buying a house with your parents can be a great way to ease caregiving, support young children, or simply bring loved ones closer together. 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 Assist You

If you belong to the Sandwich Generation and are considering purchasing a multi-generational home, partnering with a local real estate agent can be invaluable. Finding a home that accommodates everyone's needs requires expertise. An experienced agent can help you navigate the complexities of locating a property with the right space and features for all family members.

Conclusion

While being part of the Sandwich Generation comes with its set of challenges, it also offers significant advantages when it comes to buying a home. The ability to pool resources and support each other may provide a financial edge, making homeownership more attainable. If you're interested in exploring multi-generational living options, let’s connect to discuss how your unique situation can be leveraged to secure the perfect home for your family.