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Parents Face Greater Struggles Finding a New Home

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”bHome shoppers with children must overcome more difficulty with searching and financing, and ultimately make more concessions before finding a home they love./b” data-reactid=”11″>Home shoppers with children must overcome more difficulty with searching and financing, and ultimately make more concessions before finding a home they love.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”span class=xn-locationSEATTLE/span, span class=xn-chronJune 12, 2019/span /PRNewswire/ –;With school letting out for summer, the scramble is on for many families seeking to buy their first home or move into a larger one before the bell rings again in September.” data-reactid=”12″>SEATTLE, June 12, 2019 /PRNewswire/ — With school letting out for summer, the scramble is on for many families seeking to buy their first home or move into a larger one before the bell rings again in September.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Shopping for and buying a home is a daunting process for anyone, but a target=_blank href=https://c212.net/c/link/?t=0amp;l=enamp;o=2493946-1amp;h=891279025amp;u=https%3A%2F%2Fwww.

zillow.com%2Fresearch%2Fparents-buying-homes-24447%2Famp;a=Zillow%C2%AE+research rel=nofollow noopenerZillow® research/a shows that for parents the stresses are magnified.

To get into their new home, parents living with children under 18 are more likely to go over budget and make smaller down payments. They’re also more likely to end up with longer commutes and smaller homes than they wantedsupi/sup.

” data-reactid=”13″>Shopping for and buying a home is a daunting process for anyone, but Zillow® research shows that for parents the stresses are magnified. To get into their new home, parents living with children under 18 are more likely to go over budget and make smaller down payments.

They’re also more likely to end up with longer commutes and smaller homes than they wantedi.

<p class="canvas-atom canvas-text Mb(1.

0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”As you might imagine, the perfect-home wish list starts out longer for buyers who are parents.

While those without kids might begin their search in the more walkable, trendy parts of town, parents‘ neighborhood ne weigh more heavily on safety, enrichment and community. They also place a higher importance on having the preferred number of bedrooms and bathrooms, private outdoor space and community amenities.

” data-reactid=”14″>As you might imagine, the perfect-home wish list starts out longer for buyers who are parents. While those without kids might begin their search in the more walkable, trendy parts of town, parents‘ neighborhood ne weigh more heavily on safety, enrichment and community.

They also place a higher importance on having the preferred number of bedrooms and bathrooms, private outdoor space and community amenities.

<p class="canvas-atom canvas-text Mb(1.

0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”As parents with young children at home often are balancing peak child-raising years with peak career demands, location is doubly important to meet both the ne of raising a family near daycare or in a particular school district with the commute to work.

A long commute can mean less leisure time with the children, if the bedtime routine comes soon after making and eating dinner.” data-reactid=”15″>As parents with young children at home often are balancing peak child-raising years with peak career demands, location is doubly important to meet both the ne of raising a family near daycare or in a particular school district with the commute to work.

A long commute can mean less leisure time with the children, if the bedtime routine comes soon after making and eating dinner.

<p class="canvas-atom canvas-text Mb(1.

0em) Mb(0)–sm Mt(0.8em)–sm” type=”text” content=”To find a home with the right features in the right place, they face an arduous search process.

They are more likely to experience an offer or mortgage financing falling through and they attend more open houses. Despite the extra effort, two thirds of these buyers with children say they ultimately made sacrifices to stay within their initial budget.

Of them, about a third each sacrificed a shorter commute (34.1%), a larger home (31.

2%) or their desired finishes (32.7%), according to a a target=_blank href=https://c212.

net/c/link/?t=0amp;l=enamp;o=2493946-1amp;h=2103070159amp;u=https%3A%2F%2Fwww.zillow.

com%2Freport%2F2018%2Famp;a=nationwide+survey+of+recent+home+buyers rel=nofollow noopenernationwide survey of recent home buyers/a.” data-reactid=”16″>To find a home with the right features in the right place, they face an arduous search process.

They are more likely to experience an offer or mortgage financing falling through and they attend more open houses. Despite the extra effort, two thirds of these buyers with children say they ultimately made sacrifices to stay within their initial budget.

Of them, about a third each sacrificed a shorter commute (34.1%), a larger home (31.

2%) or their desired finishes (32.7%), according to a nationwide survey of recent home buyers.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”When all is said and done at the end of the long journey, 94.6% of parents who recently bought a home say they love it — slightly higher than those without kids.

;” data-reactid=”17″>When all is said and done at the end of the long journey, 94.6% of parents who recently bought a home say they love it — slightly higher than those without kids.

 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Having kids is a major destabilizer in life – their ne are constantly changing and seemingly impossible to anticipate. Combine all that uncertainty with a massive financial decision that inevitably requires tough tradeoffs among a limited set of options and has to be wrapped up in time to move before school starts and you’ve got one of the biggest challenges around, said span class=xn-personSkylar Olsen/span, Zillow’s director of economic research.

As markets cool, parents will have more time to breathe and reflect on what tradeoffs they’re willing to make. With interest rates back down, they’ll be more able to lock in an affordable monthly payment that will last through college.

The trick is finding the home that still fills the family‘s ne as toddlers turn into kids, kids into teenagers, and teenagers into the young adults in your basement. Luckily, most buyer parents end up with a home they love.

” data-reactid=”18″>”Having kids is a major destabilizer in life – their ne are constantly changing and seemingly impossible to anticipate. Combine all that uncertainty with a massive financial decision that inevitably requires tough tradeoffs among a limited set of options and has to be wrapped up in time to move before school starts and you’ve got one of the biggest challenges around,” said Skylar Olsen, Zillow’s director of economic research.

“As markets cool, parents will have more time to breathe and reflect on what tradeoffs they’re willing to make. With interest rates back down, they’ll be more able to lock in an affordable monthly payment that will last through college.

The trick is finding the home that still fills the family‘s ne as toddlers turn into kids, kids into teenagers, and teenagers into the young adults in your basement. Luckily, most buyer parents end up with a home they love.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The challenge isn’t only for home shoppers — renters with children also have it tough. They fill out 1.

9 times as many applications as renters without kids at home, and it takes them a month longer to find their home. Many renters with children also are financially vulnerable, with more than half (54.

1%) saying in a survey that they couldn’t afford a span class=xn-money$1,000/span unexpected expense.” data-reactid=”19″>The challenge isn’t only for home shoppers — renters with children also have it tough.

They fill out 1.9 times as many applications as renters without kids at home, and it takes them a month longer to find their home.

Many renters with children also are financially vulnerable, with more than half (54.1%) saying in a survey that they couldn’t afford a $1,000 unexpected expense.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”among buyers who financed their home with a mortgage” data-reactid=”22″>among buyers who financed their home with a mortgage

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”bZillow br/bZillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow Group’s Chief Economist Dr.

span class=xn-personSvenja Gudell/span. Dr.

Gudell and her team of economists, data analysts, applied scientists and engineers produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years.

Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in span class=xn-locationSeattle/span.

” data-reactid=”23″>Zillow
Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow Group’s Chief Economist Dr.

Svenja Gudell. Dr.

Gudell and her team of economists, data analysts, applied scientists and engineers produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years.

Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Zillow is a registered trademark of Zillow, Inc.” data-reactid=”28″>Zillow is a registered trademark of Zillow, Inc.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”supi/sup Zillow Group Consumer Housing Trends Report 2018.” data-reactid=”29″>i Zillow Group Consumer Housing Trends Report 2018.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”;” data-reactid=”30″> 

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