Prospective homebuyers are putting family first when it comes to decisions about their next move. According to a recent survey from national home builder PulteGroup, Inc., whether it’s planning for more kids or accommodating relatives of all ages, the challenges present in today’s economy are no match for family priorities.
The Pulte Group Home Index surveys are conducted quarterly to garner a better understanding of homeownership trends among consumers. The 2012 survey results revealed a variety of trends, highlighting consumer confidence in the economy and housing market:
- 61 percent of still-working baby boomers plan to retire in less than 10 years and aren’t delaying retirement plans. 73 percent say they are financially prepared to retire in 10 years or less.
- Top reasons renters have increased their interest in buying a home: They like being able to call themselves homeowners (49 percent) and they view it as a good financial investment (44 percent).
- Renters are buying homes with more space for family/kids (36 percent) while current homeowners ages 18 – 34 want a larger home for their growing families (68 percent).
The surveys also show the importance of family across all generations, and some significant changes in family dynamics that often influence their next new home plans:
- Twice as many households in the future expect to eventually share their home with their adult children or aging parents. 31 percent anticipate at least one adult child moving back home; and 32 percent anticipate an aging parent living with them.
- 84 percent of homeowners plan for their next home to be the same size or larger.
- About 62 percent of baby boomers want their home in retirement to be within the same state they currently live. This represents a 20 percent increase compared with two years prior.
- 32 percent of baby boomers want to live within 20 miles of their children/grandchildren upon retirement.
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