In a world that constantly changes, there's a timeless truth—there's no place like home. A recent survey by LendingTree sheds light on the housing preferences of young adults, revealing that 62% of them choose to live in or near their hometowns. This trend has various factors contributing to it, ranging from family ties to economic considerations.
Living close to family and friends offers a supportive environment for young adults, especially amid the challenges posed by high housing costs. The survey, based on responses from approximately 2,000 individuals, highlights key reasons why Millennials and Gen Zers opt to stay close to home. These include a sense of obligation to be near family, convenience, the proximity of friends, and financial constraints preventing them from moving farther away.
Jacob Channel, LendingTree’s senior economist, notes that the pandemic's lockdowns may have played a role in bringing families closer together. Increased time spent with family during the pandemic could have reinforced the desire for proximity, influencing more individuals to move closer to their parents.
The National Association of REALTORS®’ 2023 Profile of Home Buyers and Sellers supports this trend, indicating that people of all ages are moving shorter distances. Sellers, in particular, moved a median distance of 20 miles in 2023, a significant decrease from the 50 miles recorded the previous year. The desire to be near family and friends emerged as the most commonly cited reason for selling a home in 2023, according to the NAR survey.
As young adults embark on the journey of starting their own families, the preference for living close to their parents becomes even more apparent. The LendingTree survey notes that nearly three-fourths of young parents with children under 18 cite help with childcare as a significant reason to live near family. For these families, the support provided by grandparents or extended family members can translate into savings redirected toward housing costs, debt payments, and other expenses.
Interestingly, the survey also reveals gender and income disparities in housing preferences. Men, at 64%, are more likely to favor living near their hometowns compared to women at 50%. High-earning individuals, with household incomes of $100,000 or more, also express a higher likelihood of considering proximity to family as important.
For those who have ventured away from their hometowns, the survey suggests that a substantial number, 47%, would consider moving back. Gen Zers under the age of 26 show a higher inclination to return than millennials. Reasons for initially moving away include the pursuit of new experiences, relationships, and economic and educational opportunities.
In conclusion, the survey illuminates a notable trend among young adults who choose to stay close to their roots. Whether driven by familial bonds, economic considerations, or a desire for support in raising their own families, the pull of home remains strong for many in the younger generations. As the housing landscape continues to evolve, the importance of home and family stands out as a timeless and enduring value.
For more information on navigating the Arizona Real Estate Market, contact Luxe Client Group. We're here to help you find your ideal home in this desert paradise in 2024!
Susan Solliday | [email protected] | (602) 690-4238
