A recent study conducted by Realtor.com has shed light on the significant role the proximity of a homebuyer's mother plays in their housing decisions.

According to data released on Monday, nearly half of adults in the United States, around 47%, have either relocated or are planning to move to be closer to their mothers. Among the surveyed individuals, 14% have already made the move, with an additional 15% intending to do so. Moreover, 10% reported their mothers moving closer to them, while 8% stated their mothers have plans to relocate nearer in the future.

Interestingly, a considerable portion of respondents have chosen to cohabit with their mothers, with 20% indicating they moved in with their mothers, and 13% revealing their mothers moved in with them.

Trend Emerges Amidst Ongoing Homebuying Challenges

This trend emerges amidst ongoing challenges in the housing market, where high costs pose hurdles for many potential buyers and sellers. Hannah Jones, a senior economics research analyst at Realtor.com, emphasized the financial advantages of living in proximity to family, such as potential cost savings in childcare and the ability to pool resources for a better housing situation.

Jones noted that with home prices and mortgage rates on the rise, every opportunity to save on expenses becomes crucial for prospective homebuyers. Recent reports from Realtor.com economists have shown that while the median list price nationwide has remained steady, the cost per square foot of homes continues to increase, outpacing wage growth in many areas.

Home Affordability for Median-Earning Households

In line with these challenges, a study by Clever Real Estate revealed that 44 out of the 50 largest metropolitan areas in the U.S. do not offer homes at prices considered affordable for median-earning households. The National Association of Realtors (NAR) further elaborated that, even with a 20% down payment, most cities do not have homes priced within 28% of the median local income, which is the benchmark for affordability.

In summary, the Realtor.com study illuminates the significant influence of family proximity on housing decisions. While moving closer to family offers practical and emotional benefits, the persisting challenge of housing affordability underscores the need for comprehensive solutions. By addressing these issues collaboratively, we can strive towards a housing market that is both accessible and supportive for all.