Survey: Most Parents Make Home-Buying Decisions Around Their Kids
May 22, 2014
Your clients’ kids may be the key to their home-buying decision.
Seventy-nine percent of Millennial parents (between the ages of 18 and 34) and 70 percent of Generation X parents (between the ages of 35 and 49) make major purchasing decisions around their children, according to a survey of 2,000 parents by Coldwell Banker Real Estate. Sixty-seven percent of Millennial parents and 64 percent of Gen X parents say they are more concerned about the immediate impact of a move on the emotional well-being of their children than whether moving is a good decision in the long run.
“Thirty years ago, if a parent had a job opportunity that was positive and was in sync with their job goals, there was a move that was happening, and the kids needed to adjust,” says Robi Ludwig, psychotherapist and lifestyle correspondent for Coldwell Banker. But parents today are less inclined to move their children if they’re already thriving where they’re at. “We hear stories about bullying in school, and kids being vulnerable,” and that has prompted more parents to want to stay put, she says.
But just because parents consider their children in the move doesn’t mean children are “chief purchasing officers,” says Eileen Kennedy-Moore, a Princeton, N.J.-based psychologist and co-author of “Smart Parenting for Smart Kids.”
Parents surveyed by Coldwell Banker say they are still willing to move — even if it’s unpopular with their children — if they believe it’s better in the long run for the family.
Many parents base their decision on where to move on the quality of the school districts. Also, 62 percent of Millennial parents and 57 percent of Gen X parents surveyed say it’s important for them to live near their parents or their spouse’s parents.
Parents are also more apt to move with younger children since they are less set in their relationships and tend to be more open to change. Kennedy-Moore says it tends to be easier for children younger than six to move as well as children who are facing a transition time, such as starting grade school or high school.
Source: “Your Kids Decide When You Buy a Home,” The Wall Street Journal (May 20, 2014)
Updated: September 20, 2019