Thanksgiving Day: 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 2015 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, buyers of multi-generational homes were typically 49 years old. Eight-two percent of the multi-generational homes purchased were detached single-family homes.
• Homes were typically 2,200 square feet and were purchased for $231,000. Multi-generational homes typically had four bedrooms and two bathrooms. Eleven percent of buyers purchased because they desired a larger 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 (69 percent), and single females (13 percent).
• The main reasons for purchasing a multi-generational home was for the health and caretaking of aging parents (22 percent), cost savings (14 percent), children or relatives over 18 moving back into the house (12 percent), to spend more time with aging parents (eight percent), and children or relatives over 18 that never left home (eight percent).
• Seven percent of all buyers purchased their home to stay close to friends and family. Single females (nine percent) and married couples (seven percent) recently purchased their homes to be closer to friends and family.
• The convenience to friends and family for single females (43 percent) and unmarried couples (41 percent) was an influencing factor of their neighborhood choice.

View this year’s Thanksgiving infographic. For more information on home buyers see the 2015 Profile of Home Buyers and Sellers and the Recent Buyer Profiles.