A new study conducted by Coldwell Banker Real Estate revealed that children have a large influence on parents' decision to buy or move to a new location.
The survey, conducted on 2,000 American adults, reveal that most parents would make property purchase decisions around their children. The researchers say there has been a slight shift in home-moving decisions over the years.
Here is what the study found:
- 79 percent "Millennial Parents" (aged between 18 and 34) said they would prioritize their child's needs before they moved to a new locality and 70 percent of the "Gen X" parents (aged between 35 and 49) agreed to the same.
- 67 percent of the millennial parents said they were more concerned about the locality's impact on the child's emotional health and 64 percent of the Gen X parents agreed.
- Only 52 percent of the Boomer parents (aged between 50 and 69) said they would consider moving based on their children's welfare and just 54 percent of them were concerned how the move would affect the children and family.
"Most of the time, children can manage to make new friends. But [moving] is very stressful on families and kids and I think we need to be sensitive to where they are development-wise. It's very hard to find a new group [of friends] in middle school. And, if your high school kids already have a nice group of friends, that's hard to let go of," said Eileen Kennedy-Moore, a Princeton N.J. psychologist and co-author of Smart Parenting for Smart Kids, to the MarketWatch.
The study also found differences in moving decisions about 68 percent of the millennial parents, 72% of Gen X parents and 74% of boomer parents saying that they were more involved in their kids' lives than their parents were in theirs.
"Thirty years ago, if a parent had a job opportunity that was positive and was in sync with their job goals, there was a move that was happening, and the kids needed to adjust," wrote Robi Ludwig, psychotherapist and lifestyle correspondent for Coldwell Banker Real Estate. Adding that the dynamics were changing and today's parents want to safeguard their children's emotional and physical well-being more fiercely than they ever would.
However, the study noted that parents shouldn't be too guarding of their children because that way, the kids won't learn how to adapt or imbibe the life lessons the world has to offer. This could be harmful for the child when he/she grows up.
"We nurture resilience in our children. We want to meet their needs and not stress them unnecessarily...but life is so much bigger than their needs," said Leslie Connor, a psychologist in Wilmington, Del, to the publication adding that parents should help children adjust instead.
"There is so much to be gained from adapting," Connor said.
The study, however, claims that the shift wasn't very huge.
"What it is saying is that a slightly greater number of younger generation parents think about the impact on kids than the older generation," Kennedy-Moore explained.
More recently, another study by Realtor.com revealed how people cultivate crushes on home and the major factors that influence buying behavior. That survey also noted that men and women were attracted to different things in a house!
Another recent report revealed that new home buyers are now banking on their parents' money to buy homes, especially after the Reserve Bank capped the number of low deposit loans a bank can issue. Parents are reportedly sacrificing their retirement money to help their children achieve the "Great American Dream."
"Parents have obviously enjoyed huge capital growth and, in a way, created the problem for the kids in making an expensive market, so, in a way, this is righting the wrong," said John Boltan, managing director at Squirrel Mortgage Brokers, to the 3News.com.
