If you need assistance, please call 317-590-2901

Survey: Kids Have Big Say in Home Choice

Thursday, September 14, 2017   /   by Carlos J Higareda

Survey: Kids Have Big Say in Home Choice

Your toughest critics may very well be the children of your clients. Their children’s input on a home carries a lot of weight. Nearly two-thirds of all home buyers say their children have input on what type of home they plan to buy, according to newly released data from Bank of America’s Homebuyer Insights Report, based on nearly 5,000 adults surveyed.

Read moreMidwest Is Best -- for Kids

First-time home buyers are more likely to say their children have influence than other buyers. Seventy-four percent of first-time buyers said their children had a major influence on the type of home they purchased, while 58 percent of current owners said their children had a strong pull.

Family decisions in real estate are an important guide. After all, homeownership is most associated with the word “family” to 53 percent of current owners and 47 percent of first-time buyers, according to the study.

The study also found that many children, even as they reach adulthood, don’t plan to move out anytime soon. They may like the free rent. “Boomerang kids”—adult children who are living at home—tend not to pay rent to live at home, the study showed. Sixty-four percent of the adults surveyed said they aren’t charging their adult kids rent, while 34 percent said they were.

Further, when the adult children do finally move out, they aren’t likely to go far from home. Four in 10 of first-time buyers say they will move closer to their immediate family and one-quarter will move closer to extended family, according to the survey.

Source: “Homebuyer Insights Report,” Bank of America (September 2017)

eXp Realty
Carlos Higareda
719 Virginia Ave, Suite 101
Indianapolis, IN 46203

The source of the Licensed Listings is BLC® listing service. The Licensed Listings are confidential information of BLC® listing service. The BLC® listing information is provided by the Metropolitan Indianapolis Board of REALTORS® from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2023 Metropolitan Indianapolis Board of REALTORS® All Rights Reserved. The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
This site powered by CINC: www.cincpro.com