Home Buyers Get Ready for Aging Parents to Move In
A recent survey of home buyers indicates there may be a rising demand for in-home care of senior in-laws moving in with their adult children.
Home buyers are increasingly interested in houses that will allow for older family members to age in place, according to an annual survey by the National Association of Realtors.
In its annual survey of home buyers across the nation, NAR gauged buyer interest in different home features such as central air, walk in closets—and in-law suites.
“The rooms that buyers were willing to pay the most for were a basement and an in-law suite,” NAR finds. “Thirty-three percent of buyers would be willing to pay a median of $3,200 more for a home with a basement, and 20 percent of buyers would be willing to pay a median of $2,920 more for a home with an in-law suite.”
Among older buyers, 42% of those 55 and over respondents said finding a single-level home was very important, versus just 11% of buyers under 35.
“Deciding where to live comes with a lot of options, but buyers quickly realize that some features are more important than others when it comes to choosing the right house for them,” said NAR President Gary Thomas, broker-owner of Evergreen Realty, in Villa Park, Calif. “Buyers need to have a clear idea of what features are important to them and know where they are willing to compromise.”
Written by Elizabeth Ecker