‘Sandwich Generation’ Sees Pros, Cons for Home Ownership, Realtor.com Survey Finds
(Image courtesy of Realtor.com)
Realtor.com, Santa Clara, Calif., recently conducted a survey that shed more light on the homebuying behavior of the “Sandwich Generation”–Americans who are taking care of their children and aging parents (or sometimes grandparents) simultaneously.
Per the survey, 17% of Americans fall into that category–36% of them are millennials, 30% are Gen Z, 17% are Baby Boomers and 16% are Gen X.
They’re also more likely to be men: 56% vs. 44% women.
However, this status can be a blessing for some and a curse for others when it comes to affording a home.
“It’s not uncommon for people to find themselves taking responsibility for the home of an aging or deceased family member and ultimately inheriting the home after they pass,” said Kendall Bonner, Realtor.com Housing Expert. “With today’s increased home equity and the state of current lending rates, it can be an extremely helpful way to get into the housing market, especially if they are not currently a homeowner. Real estate continues to be the most consistent method for building generational wealth.”
Overall, 33% say caretaking for both their children and parents is helping them to afford a home; 30% said it’s preventing them from buying a home. And, 30% say it’s preventing them from paying off their mortgage.
For the largest group–46% of millennials say it’s preventing them from buying a home; 43% say it’s aiding them in buying a home.
“Unfortunately for home shoppers, affordability is still a big challenge in the current housing market, but for the Sandwich Generation, family support is providing a helping hand when it comes to finances,” said Laura Eddy, VP Research and Insight for Realtor.com. “Over half of adults within the Sandwich Generation who receive financial support from family members report that this support is helping them to afford a home, while a little less than half (47%) said the support helped them save for retirement.”