Living With Family Becoming More Common Amid Affordability ChallengesBy RISMedia Staff
With inflation, home prices and mortgage rates at major highs, many homebuyers have been looking at other options when it comes to securing housing they can afford. Living or co-buying with family and/or friends is one of these options that has grown in popularity recently, according to a new study from Realtor.com.
Realtor.com’s new survey found that of those who are planning to buy a home within the next 12 months, half (51%) are potentially looking to their parents to help them prepare for buying a home, with nearly one third (29%) saying they’ve already moved in with their parents to help save money in preparation for buying a home and another quarter (22%) saying they would consider doing so. Similarly, one third (32%) of respondents are even cohabitating with other family members to help save enough money to buy a home, including siblings, aunts and uncles, and cousins, and another 24% would consider doing so. Key highlights:
“The challenging market conditions this year are changing buyer behavior in significant ways, driving many more people to explore alternative living situations they may not have considered in the past,” said Realtor.com Chief Economist Danielle Hale. “Mortgage rates hovering at or near 7% have eroded buyers’ purchasing power at a time when the consistently low number of homes for sale has kept housing markets surprisingly competitive.” Clare Trapasso, executive news editor at Realtor.com, added “While home buyers have long received financial assistance from family members to help them afford a home purchase – especially first-time home buyers who may not have already built up equity – we’re seeing more and more prospective buyers take this a step further. Faced with ongoing housing affordability issues and rising childcare costs, we’re seeing parents and children becoming roommates again in later years as the ‘kids’ save up to purchase their own place, siblings moving near each other to pool childcare resources, and some even buying homes with family to split the financial burden and make homeownership a reality.” For the full report, click here. |
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