Approximately 1 out of Every 6
“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
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
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 ®
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