Are you a part of the Sandwich🥪 Generation? What does that mean?...... 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 (Realtor.com)
If that sounds familiar to you, juggling all the responsibilities sure has its challenges! But guess what? There’s a pretty sweet benefit: it can actually make buying a home a bit easier 🏠.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if taking care of kids and parents at the same time is helping them afford a home. A third of respondents said their situation made it easier to buy:
Sharing Expenses: If you live in a multi-generational household, you can pool resources and split the costs. Your parents might chip in for the mortgage or help with other bills. This can make a huge difference, especially in today’s housing market. It might even help you afford a bigger home than you could on your own 🏡.
Built-In Childcare: Having grandparents at home can save you money on childcare too. They can help watch the kids while you’re at work, which means you save on daycare costs 👶👵.
Beyond just the financial perks, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular ones:
Easier To Care for Aging Parents: It’s more convenient to take care of someone when you live with them. Plus, your elderly parents might be happier and healthier with more social interaction and a sense of connectedness ❤️.
Spending More Time Together: Living together means more time to create lasting memories with your loved ones 🥰.
The Mortgage Reports sums it up nicely:
“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.”