Fast Facts: House-Hunting With Kids in Tow
Buyers with children have different needs than those without. According to the National Association of REALTORS® (NAR) 2018 Moving with Kids Report (part of NAR’s Profile of Home Buyers and Sellers):
Buyers with children prioritize schools—unsurprisingly. Fifty percent of buyers with children say the district in their locale matters, compared to 11 percent without children. Forty-five percent of buyers with children are also looking for proximity to schools.
Buyers with children size up. The average buyer with children (under 18) purchased a 2,100-square-foot home, with four bedrooms and two bathrooms. By comparison, the average buyer with no children purchased a 1,750-square-foot home with three bedrooms and two bathrooms. Twenty-four percent of buyers with children put their home on the market because it was too small.
Childcare costs are delaying home purchases. Twenty-seven percent of buyers with children say childcare costs held up their home purchase, with some compromising on condition, price or size.
“Buying a house is rarely just a financial transaction, especially when children are involved,” says NAR President Elizabeth Mendenhall. “Parents are choosing the home they will raise their kids in, the schools their sons and daughters will attend and the neighborhood where they will play and make friends. REALTORS® help buyers navigate every emotional and financial factor to ensure families find their dream home.”