Why the Sandwich Generation Is Investing in Multi-Generational Homes

Are you part of the Sandwich Generation? According to Realtor.com, this term describes the approximately one in six Americans who care for both their children and their parents or grandparents simultaneously.

If this sounds like your situation, you're likely familiar with the challenges of managing these responsibilities. However, there is one notable advantage: it can make buying a home somewhat easier for you.

How Can This Help You Buy a Home?

Realtor.com surveyed members of the Sandwich Generation to see if they agreed or disagreed that caring for both their children and parents simultaneously helps them afford a home. A third of respondents indicated that their situation made it easier to buy (see graph below):

Here are a few ways that their caretaking responsibilities might be helping those 33% afford a home:

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

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

• Easier to Care for Aging Parents: Living together makes it more convenient to care for elderly parents. Additionally, your parents may enjoy better health and happiness due to increased social interaction and a stronger sense of connectedness.
• Spending More Time Together: Sharing a home allows you to spend more time with your loved ones and create lasting memories together.

The Mortgage Reports summarizes it like this:

"Purchasing a home with your parents can significantly ease caregiving responsibilities, support young children, and bring loved ones closer together. Given the steep rise in home prices in recent years, this approach can also make homeownership much more affordable."

How a Real Estate Agent Can Assist You

If you’re part of the Sandwich Generation and considering a multi-generational home, partnering with a local real estate agent is crucial. Finding a home that suits the needs of multiple people can be challenging. An agent’s expertise will help you locate a property that accommodates everyone’s needs and provides sufficient space for all residents.

Bottom Line

If you’re part of the Sandwich Generation and exploring the idea of a multi-generational home, collaborating with a local real estate agent is vital. Securing a property that meets the diverse needs of multiple family members can be complex. A knowledgeable agent will leverage their expertise to help you find a home that not only accommodates everyone’s requirements but also offers ample space for comfortable living.