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 2019 Profile of Home Buyers and Sellers, we can see how multi-generation homes are becoming more common and living close to friends and family is more and more important.
- This year 12% of all buyers purchased a multi-generational home, and multi-generational buyers were typically 53 years old. Eighty-six percent of the multi-generational homes purchased were single-family homes.
- Multi-generational homes were typically 2,040 square feet with 4 bedrooms and 2 bathrooms, and were purchased for $266,270. Buyers of multi-generational homes typically expected to live in their homes for 15 years. Fifty-one percent of buyers owned their previous home.
- Forty-four 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 (23%). The majority of multi-generational buyers were married couples (62%), and single females (17%).
- The main reasons for purchasing a multi-generational home were for to care for/spend more time with aging family members (46%), and children or relatives over 18 moving back into the house/never left home (39%).
- Ten percent of buyers of multi-generational homes purchased their home because of a change in their family situation; 9% purchased to be closer to friends and family.
- The convenience to friends and family (39%) was a primary influencing factor of their neighborhood choice.