Are you part of the Sandwich Generation? Realtor.com defines this as the approximately one in six Americans who are simultaneously caring for their children and their parents or grandparents.

If that resonates with you, handling all those responsibilities can definitely be challenging. However, there's a noteworthy upside: it might actually make the home-buying process a bit more manageable for you.

How Can It Help You Buy a Home?

Realtor.com reached out to the members of the Sandwich Generation to find out if they think balancing care for both their kids and parents is making it easier for them to afford a home. Interestingly, about a third of those surveyed believe that their current situation is actually helping them in the home-buying process.

Here are a few ways their caretaking situation could be assisting that 33% in buying a home:

• Sharing Expenses: Being part of a multi-generational household offers various financial advantages. Combining resources not only helps in managing the costs associated with homeownership, such as the mortgage and utility bills, but also creates opportunities for more significant investments in property. With the assistance of family members, securing a larger home becomes more feasible, making it possible to accommodate everyone's needs while enhancing the familial bond. In today's housing market, where prices can be steep, this cooperative financial strategy can be crucial for achieving homeownership goals.

• Built-In Childcare: Having grandparents around can really cut down on childcare expenses. They can take care of the kids while you're at work, which helps you save on daycare fees as well.

Buying a multi-generational home offers more than just financial benefits. According to the National Association of Realtors (NAR) in their Profile of Home Buyers and Sellers, there are several appealing factors to consider. Some of the most popular advantages include:

• Easier To Care for Aging Parents: Taking care of someone is much easier when you live together. Plus, your elderly parents might feel happier and healthier because they have more chances for social interaction and a stronger sense of connection.

• Spending More Time Together: Living together means you get to enjoy more time with your loved ones and make even more unforgettable memories.

The Mortgage Reports puts it like this:

““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.”
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— Mortgage Reports

How a Real Estate Agent Can Help

If you're part of the Sandwich Generation and considering a multi-generational home, teaming up with a local real estate agent is really important. Finding a space that suits everyone's needs can be challenging, but an agent can leverage their expertise to help you find a place that has enough room and meets the requirements of all the people living there.

Bottom Line

Being part of the Sandwich Generation definitely has its challenges, but there’s a potential benefit you might not have considered. If you're thinking about purchasing a home, your caregiving responsibilities could actually help make it more affordable for you. Interested in learning more? Let’s connect.