Realtor.com® Survey Finds 33% of People in the "Sandwich Generation" say their Circumstance has Helped them Buy a Home

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Realtor.com®'s recent survey reveals that 17% of Americans are part of the 'Sandwich Generation'—those who concurrently care for their children and elderly parents or grandparents. About a third of this group has found their caregiving responsibilities beneficial in achieving homeownership, despite the ongoing affordability crisis in the housing market. The survey highlights that over half of the Sandwich Generation receiving family financial support find it helpful in buying a home, while 47% say it assists in saving for retirement. However, nearly half of the respondents report that their caregiving role negatively impacts their finances, with 30% unable to buy a home and another 30% struggling to pay off mortgages. Millennials, who form the largest segment of the Sandwich Generation, are notably divided, with 46% hindered in home buying and 43% benefiting financially from their caregiving roles. The study underscores the significant impact of intergenerational family dynamics on homeownership and retirement savings.

Approximately 1 out of Every 6 Americans Falls into the Sandwich Generation 

SANTA CLARA, Calif., June 28, 2024 /PRNewswire/ -- According to new research from Realtor.com^®, 17% of Americans say they are taking care of their children (under 18) and parent(s)/grandparent(s) at the same time ("Sandwich Generation") and for a third of them, the impact of being in the middle has led to homeownership. The research also examined how the current "Sandwich Generation" has received support to help save for retirement and/or afford 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."

Being in The Sandwich Generation is Equal Parts Negative and Helpful
Scarce inventory has kept home prices high and competition intense among buyers, especially today when housing supply remains well below pre-pandemic levels. For the Sandwich Generation, nearly half (47%) say their caregiving circumstances have impacted their finances, including their housing. Among the negative impacts, 30% say they've been prevented from buying a home, and another 30% report they've been prevented from paying off their mortgage. By contrast, a third say their caregiving situation has helped them financially to buy 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."

Men, Millennials and Gen Z are Most Likely to Identify as Part of the Sandwich Generation
The Sandwich Generation is not confined to one demographic. In fact, survey respondents who identified as part of the generation spanned multiple age groups. Millennials made up the greatest portion (36%) followed by Gen Z (30%), Baby Boomers (17%) and then Gen X (16%). And, between men and women, men were more likely to say they support both kids under the age of 18 and parents/grandparents, with more than half (56%) identifying as part of the Sandwich Generation vs. 44% of women.

Millennials Are the Most Financially Affected in the Sandwich Generation
Millennials are especially affected financially, and on opposite sides of the spectrum. While 46% of millennials who support children and older relatives say it is preventing them from buying a home, another 43% actually said their circumstance is helping them to afford a home. More likely to be parents, Millennials say they support their children financially and in the home the most, while Gen Z are more likely than the general population to say they provide financial support to their parents.

For those looking to buy, sell, or just take a look at homes, Realtor.com^® can help consumers on all sides of the homeownership journey. For homeowners looking to understand their current home value or how a renovation will affect how much their home is worth, they can check out the My Home experience on Realtor.com^®. For prospective buyers, calculating how much house they can afford and information on the loan options available to them – including assumable loans, which may provide an option for consumers looking for a lower rate are also available. The dream of home ownership can be a reality.

About Realtor.com^®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media contact: press@realtor.com

View original content:https://www.prnewswire.com/news-releases/realtorcom-survey-finds-33-of-people-in-the-sandwich-generation-say-their-circumstance-has-helped-them-buy-a-home-302185043.html

SOURCE Realtor.com

FAQ

What percentage of Americans are part of the Sandwich Generation according to the Realtor.com® survey?

According to the Realtor.com® survey, 17% of Americans are part of the Sandwich Generation.

How has the Sandwich Generation's caregiving role influenced homeownership?

The survey found that a third of the Sandwich Generation members consider their caregiving role to have helped them achieve homeownership.

What financial impact does the Sandwich Generation experience in terms of home buying?

Nearly half of the Sandwich Generation report financial struggles due to caregiving, with 30% unable to buy a home and another 30% struggling to pay off existing mortgages.

How does family financial support affect members of the Sandwich Generation?

Over half of the Sandwich Generation receiving family financial support find it helpful in buying a home, while 47% find it assists in saving for retirement.

Which demographics are most likely to identify as part of the Sandwich Generation?

Millennials make up 36% of the Sandwich Generation, followed by Gen Z at 30%, Baby Boomers at 17%, and Gen X at 16%. More men (56%) than women (44%) identify as part of this group.

How are Millennials uniquely affected within the Sandwich Generation?

Millennials are significantly affected, with 46% saying caregiving prevents home buying, while 43% report it helps them afford a home.