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 influence the home they purchase. Based on data from the recently released 2017 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 13 percent of all buyers purchased a multi-generational home, and buyers were typically 53 years old. Eighty-three percent of the multi-generational homes purchased were single-family homes.
- Multi-generational homes were typically 2,100 square feet and were purchased for $250,000. Buyers of multi-generational homes typically expected to live in their home for 15 years. Forty-nine percent of buyers owned their previous 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 (66 percent), and single females (16 percent).
- The main reasons for purchasing a multi-generational home were to care for aging family members (33 percent), and children or relatives over 18 moving back into the house (31 percent).
- Eight percent of all buyers purchased their home to be closer to friends and family. Single females (13 percent) and married couples (11 percent) purchased their homes to be close to friends and family.
- The convenience to friends and family for single females (44 percent), single males (36 percent), and unmarried couples (36 percent) was an influencing factor of their neighborhood choice.
View this year’s Thanksgiving infographic. For more information on home buyers see the 2017 Profile of Home Buyers and Sellers and the Recent Buyer Profiles.