Are you part of the Sandwich Generation? According to Realtor.com, this term describes the approximately one in six Americans who simultaneously care for their children and their parents or grandparents.
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 buy a home.
How Can It Help You Buy a Home?
Realtor.com surveyed members of the Sandwich Generation to find out if they believe that caring for both children and parents simultaneously helps them afford a home. Surprisingly, a third of respondents said their situation made it easier to buy a home (see graph below):
Here are a few ways their caretaking situation may be helping that 33% purchase a home:
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Sharing Expenses: 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 housing market. It may help you afford a larger home than you could on your own.
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Built-In Childcare: Having grandparents in the home can save you money on childcare. They can help watch your kids while you’re at work, allowing you to save on daycare costs.
Beyond the financial benefits, buying a multi-generational home offers other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:
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Easier to Care for Aging Parents: It’s more convenient to take care of someone when you live with them. Additionally, your elderly parents may be happier and healthier due to increased social interaction and a greater sense of connectedness.
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Spending More Time Together: Once you live together, you get to spend more time and create even more lasting memories with your loved ones.