- Study found American homeowners plan to live with or near their mothers
- Others said their mothers grew closer to them
- This trend is considered cost-effective and a way to profit from childcare.
Nearly half of American adults have purchased a home close to their mother’s — and it’s often a purchase based as much on finances as it is on love.
A new survey by Realtor.com found that 47% of Americans have become closer to their mothers, are considering doing so, or have brought their mothers closer to them.
Of those surveyed, 14 percent said they had become closer to their mother or a maternal figure, while 15 percent were considering becoming closer to them.
Meanwhile, 10 percent of those surveyed revealed that their mother or maternal figure has already become closer to them, while eight percent are considering doing so.
A new survey from Realtor.com found that 47% of U.S. homebuyers have moved closer to their mothers, are considering doing so, or have moved their mothers closer to them.
Among those planning to move closer to their mother, 31 percent said they intended to buy or rent a new home near their mother’s, while 16 percent said they would rent or buy a new house together.
In terms of living conditions, 29 percent of participants reported renting or buying a new home to be close to their mother.
19 percent of those surveyed said their mothers bought or rented near them.
20 percent said they decided to move in with their mother, while 13 percent of participants said their mother moved in with them.
Among those planning to move closer to their mother, 31 percent said they intended to buy or rent a new home near their mother, while 16 percent said they would rent or buy a new house together.
Hannah Jones, senior economic research analyst at Realtor.com, said that by moving in with their mothers, or renting or buying nearby, many have found it to be cost-effective and convenient in terms of proximity.
“Moving in as a family and pooling resources can also help a family afford more space or a better location in today’s tough market,” Jones said, according to Fox 6.
“As home prices and mortgage rates remain high, every little bit counts when it comes to buying a home.”
Hannah Jones, senior economic research analyst at Realtor.com, said many chose to make this move to take advantage of nearby child care offered by their mothers.
She also noted that many have chosen to move to take advantage of nearby child care offered by their mothers.
According to Realator.com’s March rental report, rental rates have declined for the eighth consecutive month, with rental prices falling -0.3 percent each year.
Earlier this month, Realtor.com economists said that while national median prices had not increased from last year, the “price per square foot of a typical home continued to grow and, driven by rising rates, the cost of buying a home has once again outpaced wage growth.
Another study from Clever found that a home is considered “affordable” when a household spends no more than 28% of its gross monthly income on housing.
“Many Americans have incomes well below what they need to become a homeowner,” the study concludes.
The typical American household earns $74,755 a year, but the median income for homebuyers in 2022 was $107,000, according to NAR data.
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