Why the Sandwich Generation Is Buying Multi-Generational Homes

<article class="post-1141812 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1141812"><span class="entry-date">August 1, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why the Sandwich Generation Is Buying Multi-Generational Homes</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Why+the+Sandwich+Generation+Is+Buying+Multi-Generational+Homes&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-the-sandwich-generation-is-buying-multi-generational-homes%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why the Sandwich Generation Is Buying Multi-Generational Homes Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240801-Why-the-Sandwich-Generation-Is-Buying-Multi-Generational-Homes-original.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>Are you a part of the Sandwich Generation? <a href="https://www.realtor.com/research/sandwich-generation-2024/" rel="noopener noreferrer" target="_blank">According</a> to <em>Realtor.com</em>, that’s a name for the roughly one in six Americans who take care of their children and their parents or grandparents at the same time.</p>
<p>If that sounds familiar to you, juggling all the responsibilities involved certainly must have its challenges. But it turns out there’s one pretty significant benefit: it can actually make it a bit easier for you to <a href="https://www.simplifyingthemarket.com/2024/07/22/how-affordability-and-remote-work-are-changing-where-people-live/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a>.</p>
<h4><strong>How Can It Help You Buy a Home?</strong></h4>
<p><em>Realtor.com</em> <a href="https://www.realtor.com/research/sandwich-generation-2024/" rel="noopener noreferrer" target="_blank">asked</a> members of the Sandwich Generation if they agree or disagree that taking care of children and parents at the same time is helping them <a href="https://www.simplifyingthemarket.com/2024/07/19/the-biggest-mistakes-homebuyers-are-making-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">afford a home</a>. A third of respondents said their situation made it easier to buy (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240730/20240801-Being-a-part-of-the-sandwich-generation-can-help-you-buy-a-home-original.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240730/20240801-Being-a-part-of-the-sandwich-generation-can-help-you-buy-a-home-original.png"/></a>Here are a few ways their caretaking situation might be helping those 33% <a href="https://www.simplifyingthemarket.com/2024/07/18/unlocking-homebuyer-opportunities-in-2024/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a>:</p>
<ul>
<li><strong>Sharing Expenses:</strong> If you live in a multi-generational household, you can pool your resources and split the costs. Your parents might contribute to the mortgage or help with other bills. This can make a big difference, especially in today’s <a href="https://www.simplifyingthemarket.com/2024/07/18/unlocking-homebuyer-opportunities-in-2024/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">housing market</a>. It may help you afford a larger home than you could on your own.</li>
<li><strong>Built-In Childcare:</strong> Having grandparents in the home could also save you money on childcare. They can help watch your kids while you’re at work, which means you can save on daycare costs too.</li>
</ul>
<p>Beyond just the financial reasons, buying a multi-generational home has other advantages. The <em>Profile of Home Buyers and Sellers</em> from the <em>National Association of Realtors</em> (NAR) <a href="https://www.nar.realtor/blogs/economists-outlook/all-in-the-family-multi-generational-home-buying" rel="noopener noreferrer" target="_blank">highlights</a> some of the most popular, including:</p>
<ul>
<li><strong>Easier To Care for Aging Parents: </strong>It’s more convenient to take care of someone when you live with them. Also, your elderly parents may very well be happier and healthier, thanks to more social interaction and a feeling of connectedness.</li>
<li><strong>Spending More Time Together:</strong> Once you live together, you get to spend more time and create even more lasting memories with your loved ones.</li>
</ul>
<p>The <em>Mortgage Reports</em> sums it up this way:</p>
<blockquote><p><em>“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, </em><strong><em>it can make homeownership a lot more affordable</em></strong><em>.”</em></p></blockquote>
<h4><strong>How a Real Estate Agent Can Help</strong></h4>
<p>If you’re in the Sandwich Generation and thinking about buying a multi-generational home, working with a local real estate agent is essential. <a href="https://www.simplifyingthemarket.com/2024/06/26/focus-on-time-in-the-market-not-timing-the-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">Finding a home</a> that works for so many people can be tricky. An agent will use their expertise to help you <a href="https://www.simplifyingthemarket.com/2024/07/04/homeownership-the-heart-of-the-american-dream/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">find one</a> that meets the needs of, and has enough space for, everyone who’s going to live there.</p>
<h3>Bottom Line</h3>
<p>Being a part of the Sandwich Generation comes with its challenges – but it also might come with one truly great perk. If you’re looking to <a href="https://www.simplifyingthemarket.com/2024/07/02/real-estate-still-holds-the-title-of-best-long-term-investment/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a>, your caregiving situation can actually make it a bit easier for you to afford a home. To learn more, reach out to a local real estate agent.</p>
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