AMERICANS are looking to live closer to their mothers, new research finds.
Nearly half of Americans have moved or plan to move closer to their mothers for a variety of reasons, including to save money.
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Being close to family has always been a consideration for many homebuyers, but new data suggests that being close to mom is now particularly important.
A search of realtor.com found that three-quarters of Americans would live closer to their mother “in an ideal world,” and only 18% would not want to do so.
What’s more, nearly half of American adults (47%) have moved or plan to move closer to their mothers, either by moving themselves or by moving their mother.
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Asked whether their mother had an impact on where they live or where they want to live, 29% of respondents said they completely agree, while 34% somewhat agree.
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Hannah Jones, senior economic research analyst, told The US Sun that this preference is particularly popular among homebuyers and renters who are becoming parents.
“Many buyers want to move closer to family to reduce costs, either because the area is cheaper or because family can help with childcare, which reduces childcare costs,” she said.
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For those who decided to stay closer to their mother, buying or renting a house nearby was the most popular option (29%).
However, 20% went ahead and moved in with their mother.
Slightly less common, at 13%, was the mother living with them.
Meanwhile, 10% bought or rented a new house with their mother.
“Moving as a family and pooling resources can also help a family have more space or a better location in today’s challenging market,” Jones explained.
“As home prices and mortgage rates remain high, every little bit helps when it comes to paying for a home.”
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Many buyers want to move closer to family to reduce costs, either because the area is cheaper or because family can help with child care, which reduces child care costs.
Hannah Jones
A BROADER TREND
Other data sets have suggested that multigenerational family life is becoming more common due to financial need as well as personal preference.
The percentage of young adults who live at home increased 87% in the last two decades.
This is particularly common among Gen Z, with more than half of 18- to 24-year-olds living with their parents, according to the US. Census Desk.
However, there can be major disadvantages to living with your parents when you are young.
Some may find it more difficult to maintain privacy, independence and a romantic life.
It also eliminates the ability to choose where you live rather than renting or buying a home in your preferred location.
For those who want to move on their own, the best News is that rents have been falling consecutively over the last eight months.
Annual prices fell 0.3% in March and rent declines were seen across all unit sizes, according to Realtor.com.
See the five cheapest cities in the US to rent.
Or if you’re ready to sell, here are three simple ways to add $17,000 to the value of your home.
This story originally appeared on The-sun.com read the full story
