There is no doubt about it: children are expensive. According to a report from the Department of Agriculture, it costs an average of $233,610, or $13,000 a year, to raise a child from birth to age 17 in the United States. That expense may impact many families’ housing decisions, and so the National Association of REALTORS®’ 2017 Moving With Kids Report explored how children affect the home buying process.
Twenty-two percent of buyers with children said child care expenses delayed the process of buying a home.
When the home buying process is underway, those child care expenses still have an influence, forcing buyers with children to make compromises on the home they purchase. Twenty-six percent of buyers compromised on the price of the home, 25 percent on the style of home and 24 percent on the size of the home.
Check out the entire report here to learn more about the different purchasing and selling habits of those with children at home compared to those without.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.