What do GenX, Boomers and Sandwiches have to do with home purchases?

Last week I had the privilege of joining a class that helps real estate professionals develop the business building skills and resources for specializatio in the 50+ real estate market. A large portion of my clients last year were in this category and I'm not too far behind that (but we won't talk about that!)

In this class, I learned quite a bit, and earned my Senior Real Estate Services? designation.?One of the most impactful insights was explained by using the term "Sandwich Generation". Plainly put,?quite a few middle aged and older adults (known as the Boomer generation) are caring for both elder parents and children. More?adult children are remaining financially dependent, and elder parents are living longer, healthier lives.?This information was followed up by stating that Gen X was evolving as the "New Sandwich Generation", with 15% of them already providing financial support to parents aged 65 and up, with 68% stating they believe it is likely that they will have this responsibility in the future.??

So what does all this have to do with home purchases? In 2020, The National Association of Realtors? Home Buyer and Seller Generational Trends survey reported that close to half(46%) of home buyers age 55+ purchased multi-generational homes to take care of aging parents, because children over the age of 18 were moving back, and for cost savings.?The purpose of multi-generational homes is to have the perfect balance between togetherness and privacy (Like the perfect peanut butter and jelly sandwich) .This looks different depending on each family's situation, preferences, and budget.??

If you'd like to learn more about multi-generational homes in your area, let me know.?I'd be happy to do a free consult for you and your family so we can identify some homes that may be right for your perfect balance!?