Are you a shining member of the Sandwich Generation? As described by Realtor.com, this unique title represents approximately one-sixth of Americans who beautifully balance caring for both their children and their parents or grandparents concurrently.

If this resonates with you, managing all these responsibilities may feel like a balancing act at times. However, there's a silver lining: it could potentially make purchasing a home a breeze for you.

How Does This Aid in Homeownership?

Realtor.com queried Sandwich Generation members to learn if they believe that their dual-caregiving role is a contributing factor in affording a home. A notable one-third of the participants affirmed that their situation facilitated their home buying process (refer to the graph below).

Here's how the caregiving situation could be a boon for these 33% when it comes to buying a home:

Shared Expenses: Living in a multi-generational household allows you to combine resources and distribute costs. Your parents might contribute to the mortgage or assist with other expenses. This could be a game-changer, particularly in the current housing market. It might even enable you to afford a larger home than you could independently.

In-House Childcare: Having grandparents at home could help you save on childcare expenses. They can look after your children while you're at work, reducing the need for daycare.

Besides the monetary advantages, purchasing a multi-generational home has other perks.

The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) outlines some of the most appealing, including:

Convenient Care for Elderly Parents: Living with your elderly parents makes caregiving much easier. Plus, they may well be happier and healthier due to increased social interaction and a sense of belonging.

Quality Time Together: Sharing a home enables you to spend more time and create even more memorable moments with your loved ones.

The Mortgage Reports encapsulates it like this:
“Purchasing a house alongside your parents can wonderfully ease caregiving, support your children, or simply bring your family closer together. Given the sharp increase in home prices over recent years, it can render homeownership significantly more attainable.”

A Real Estate Agent Is Your Ally

If you belong to the Sandwich Generation and are contemplating buying a multi-generational home, it's crucial to partner with a local real estate agent. Finding a home that accommodates everyone's needs can be tricky. An agent, with their expertise, can assist you in finding a home that satisfies everyone's requirements and has ample space for all occupants.

The Takeaway

Being a part of the Sandwich Generation may pose some challenges, but it also comes with a fantastic advantage. If you're planning to buy a home, your caregiving role could potentially make it more manageable for you to afford a home. To explore this further, connect with a local real estate agent.