Hopeful Homebuyers Turn Relatives Into Roommates to Save Money and Share Childcare
In a bid to overcome affordability challenges in the housing market, a significant number of prospective homebuyers are turning to their parents and extended family for support, according to a recent survey conducted by Realtor.com® and Censuswide. The study revealed that one-third of those planning to buy a home within the next year have already moved in with their parents or other family members to save money for their purchase, while an additional quarter said they would consider doing so.
The survey also highlighted that recent return-to-office requirements and high childcare costs are driving home shoppers to factor family proximity and support into their purchasing plans. In fact, 28% of respondents who are planning to buy a home in the next year are doing so to be closer to their family. Among this group, many are motivated by financial reasons and the desire to share the cost and responsibilities of childcare.
Living near family members has become a priority for many prospective buyers, with approximately 4 in 10 surveyed consumers stating that their parents, siblings, extended family, or grandparents have already purchased a home near them. This trend reflects the growing popularity of co-living or co-buying with family members as a means to overcome housing affordability barriers.
The survey found that 83% of respondents would consider buying a home to live in together with someone other than their spouse or partner. This includes extended family members or friends. The most common individuals respondents would consider buying a home with were their child, a romantic partner they’re not married or engaged to, a sibling or cousin, and their parents or in-laws.
Realtor.com® recognizes the changing buyer behavior and the need for collaboration tools to facilitate co-buying and co-living arrangements. Their platform offers features that make it easy for homebuyers to invite their search partners to link accounts and share their home search in one convenient place across all devices.
“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 Danielle Hale, Chief Economist at Realtor.com®. “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.”
The survey results shed light on the increasing reliance on family support to navigate the housing market’s affordability challenges. By leveraging the resources and proximity of their relatives, prospective homebuyers are finding innovative ways to achieve their homeownership dreams. Realtor.com® continues to be a trusted guide for consumers, breaking down barriers and providing expert insights and guidance to empower more people to find their way home.