Thanksgiving 2018: How family and friends can influence the home purchase
This Thanksgiving we look at how recent buyers are choosing their homes, and how their friends and family can influence their decision. While we don’t all get to see our families every day, for many home buyers having the option to do so can impact the home they purchase. Based on data from the recently released 2018 Profile of Home Buyers and Sellers, we can see how multi-generation homes are becoming more common and the importance of living close to friends and family.
- This year 12 percent of all buyers purchased a multi-generational home, and multi-generational buyers were typically 51 years old. Eighty-three percent of the multi-generational homes purchased were single-family homes.
- Multi-generational homes were typically 2,070 square feet and were purchased for $264,100. Buyers of multi-generational homes typically expected to live in their home for 20 years. Forty-seven percent of buyers owned their previous home.
- Thirty-nine percent of buyers of multi-generational homes had children under the age of 18 living in the home.
- Among all multi-generational buyers, the desire to own a home of their own was the primary reason for purchasing (29 percent). The majority of multi-generational buyers were married couples (63 percent), and single females (19 percent).
- The main reasons for purchasing a multi-generational home were for to care for aging family members (44 percent), and children or relatives over 18 moving back into the house/never left home (37 percent).
- Ten percent of buyers of multi-generational homes purchased their home to be closer to friends and family. Single females (12 percent) and married couples (nine percent) purchased their homes to be close to friends and family.
- The convenience to friends and family for single females (47 percent), married couples (38 percent), and unmarried couples (35 percent) was an influencing factor of their neighborhood choice.