A new study finds that a significant number of home buyers prefer to live near their moms

A new study found that most home buyers prefer to buy a house near their mom’s home.

Realtor.com’s survey reveals that children frequently opt to live closer to their mothers, with this “Mom factor” significantly shaping their home-buying decisions.

“Many home buyers and homeowners take their moms into consideration when making housing choices,” says Realtor.com senior economic research analyst Hannah Jones.

“While housing costs remain high, moving in together with Mom or renting her a place nearby can be a great option both financially and to achieve your desired proximity.”

The data released late April reveals that almost half of U.S. adults, about 47%, are considering or have already made moves to live closer to their moms.

Approximately 14% have relocated, with 15% planning to do so.

Additionally, around 10% mentioned their moms moving closer to them, while 8% said their moms plan to do the same.

Some adults, about 20%, opted to live with their moms, while 13% reported their moms moving in with them.

Buying or selling homes is tough for many in today’s pricey housing market.

Moving closer to family, as Hannah suggests, can save money—where they live might be cheaper, or they could help with babysitting, cutting childcare costs.

Hannah also noted that sharing resources by living with family can make affording a larger or better-located home easier in this challenging market.

With high home prices and mortgage rates, every saving matters for home buyers when purchasing a home.

The Realtor.com economists noted that while the median list price nationwide remained unchanged from the previous year, the price per square foot for a typical home continued to rise.

 

This increase, driven by higher rates, resulted in homes becoming more expensive relative to wage growth, as stated in a separate report published last week.

Clever Real Estate’s recent study shows that home prices exceed what the average-earning family can afford in 44 of the 50 largest U.S. metro areas.

A home is considered “affordable” if it costs no more than 28% of a family’s annual income, Fox Business noted.

However, for most cities, even with a 20% down payment, this is insufficient to buy a typical home at the local median income level, according to the study.

Advantages of living near your parents

Parents remain important to us throughout our lives, regardless of age.

You’ve likely considered the benefits of having them close, whether near or far.

If you are a home buyer considering buying a home near your mom’s, here are the advantages of having your parents live in your neighborhood, as per EPCON.

1. Having your parents nearby provides a built-in support system. You’ll always depend on them, even as your needs change.

While they can support you from afar, having them close brings extra comfort.

Knowing they’re nearby is reassuring during tough times at work, with the kids, or when you need encouragement.

This closeness forms a natural support network for your family.

2. Being close by during emergencies is vital, especially as health problems become more common with age.

Quick responses are easier when you’re nearby rather than far away. This proximity allows you to support your parents during difficult times.

3. Your parents will be important figures in your kids’ lives, bringing valuable cross-generational connections.

Your children benefit from their wisdom and experiences when they live nearby, shaping them positively.

Grandparents hold a special place, especially when close. Your kids will have extra support at their activities, making proximity a cherished gift that will impact their lives positively.

4. Living far from loved ones can lead to loneliness, especially for parents accustomed to one place.

Starting anew in retirement can be challenging. Bringing parents closer prevents isolation and fosters enriching family ties.

5. Being close to your parents allows you to strengthen your bond.

Over the years, your relationship has changed from dependency to equality as adults.

Despite past experiences, there’s room for healing and forming a deeper friendship.

Having your parents nearby allows you to grow your relationship and strengthen your parent-child bond.

Meanwhile, here are some tips for first-time home buyers from Dave Ramsey: