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
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SOURCE Realtor.com