‘When it comes to purchasing a new home, 55 percent of U.S. homeowners with a child under the age of 18 at the time of home purchase say the opinion of their child was a factor in their home buying decision!‘
‘For millennial parents between the ages of 18 and 36, the influence of children is even higher at 74 percent.’ (Source)
Back in 1993-1994 when my wife and Hallmark Abstract Service CFO Linda Haltman pursued the purchase of a home on Long Island after many years renting in NYC, the process then pre-internet was certainly much different than it is today with internet searches serving as the basis for what can most certainly be a tedious chore!
At that time we had two children aged 3 and 1 so any input that they had into the decision was non-existent. But I’m actually not sure whether there was an age when the decision-making process would have taken their opinions into account.
After all, and as I often say during any pitch I may make about the critical nature of choosing the right title insurance company, the purchase of a home may likely be the largest financial decision that a buyer will have made to that point in their life.
That said should children, even teenage children, have much of a voice in the process? I don’t think so, but apparently 55% of prospective homebuyers do not agree with my position and that number is vastly higher for millennial parents.
Fully 74% of home buying millennial parents will take the opinion of young ones into account when deciding whether a home is the right one.
What’s your opinion?
Michael Haltman, President
Hallmark Abstract Service
Board Chair Heroes To Heroes Foundation
Phone: (646) 741-6101 (NYC)
(516) 741-4723 (Long Island)