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 2016 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, 11 percent of all buyers purchased a multi-generational home, and buyers were typically 52 years old. Eight-six percent of the multi-generational homes purchased were single-family homes.
- Homes were typically 2,100 square feet and were purchased for $251,000. These multi-generational homes typically had four bedrooms and two bathrooms. Thirteen percent of buyers desired a larger home.
- Among all multi-generational buyers, the desire to own a home of their own was the primary reason for purchasing (26 percent). The majority of multi-generational buyers were married couples (67 percent), and single females (17 percent).
- The main reasons for purchasing a multi-generational home were for the health and caretaking of aging parents (19 percent), cost savings (18 percent), children or relatives over 18 moving back into the house (14 percent), to spend more time with aging parents (eight percent), and wanting a larger home that multiple incomes could afford (seven percent).
- Seven percent of all buyers purchased their home to be closer to friends and family. Single females (nine percent) and married couples (eight percent) recently purchased their homes to be close to friends and family.
- The convenience to friends and family for single females (49 percent) and unmarried couples (36 percent) was an influencing factor of their neighborhood choice.