ALMOST HALF OF AMERICANS BUY A HOUSE THAT IS CLOSE TO THEIR MOM

A study revealed that American homeowners plan to live with or near their mom
Others said that their mother has moved closer to them
The trend is said to be cost effective and a way to take advantage of childcare

Almost half of American adults have bought a house that is close to their mom - and often it's a purchase based on finances as much as love.

A new survey by Realtor.com revealed that 47 percent of Americans have moved closer to their mother, plan to do so, or have moved their mom closer to them.

Of those surveyed, 14 percent said that they have moved closer to their mother or a maternal figure, while 15 percent plan to move closer to them.

Meanwhile, 10 percent of those surveyed revealed that their mother or maternal figure has already moved closer to them, while eight percent plan to do so.

In terms of living arrangements, 29 percent of participants said that they have rented or bought a new home to be close to their mother.

19 percent of those surveyed said that their mother has bought or rented near them.

20 percent said they decided to move in with their mother's, while 13 percent of participants said that their mom has moved in with them.

For those that plan to move closer to their mother, 31 percent said that they intend to buy or rent a new home near their mom, while 16 percent said that they will rent or buy a new home together.

Hannah Jones, senior economics research analyst at Realtor.com, said that by moving in with their mother, or renting or buying nearby, many have found it to be cost effective and convenient in terms of proximity.

'Moving in with family and pooling resources can also help a family afford more space or a better location in today's challenging market," Jones said, according to Fox 6.

'As home prices and mortgage rates remain elevated, every little bit helps when it comes to affording a home purchase.'

She also noted that many have opted to make this move to take advantage of nearby childcare that their mother's offer.

According to Realator.com's March Rental Report, rental rates declined for the eighth consecutive month as rental prices have dropped by -0.3 percent every year.

Earlier this month, economists for Realtor.com said that even though nationwide median list prices didn't increase when compared to last year, the 'typical home's price per square foot continued to grow and, driven by rising rates, the cost to purchase a home once again outpaced wage growth.'

Another study by Clever found that a home is considered 'affordable' when a household spends no more than 28 percent of its gross monthly income on housing.

'Many Americans have incomes far lower than what they need to become a homeowner,' the study concluded.

The typical US household earns $74,755 annually, but the median income for home buyers in 2022 was $107,000, according to NAR data.

2024-05-07T19:35:27Z dg43tfdfdgfd