42% of Homeowners Would Make a Trade-Off to Move Closer to Family

Although only 42% of homeowners live within 10 miles of their immediate family, 61% overall still said that proximity to family influences where they choose to live, according to a survey by Neighbors Bank. 

In fact, 36% said they would pay $250,000 or more to live closer to family, and 69% said a financial incentive would move them closer, including a significant salary increase (46%) or a discount on a home’s price (38%). 

Why don’t homeowners already live closer to family? The top barriers keeping them apart included: 

1. Home prices too high in that area (19%) 
2. Cost of living higher in that area (17%) 
3. Waiting for mortgage rates to go down (7%)
4. Locked into current mortgage or home hasn’t sold (tie, 7%) 

Still, 42% said they would make a trade-off to move closer. The top things they would accept to live nearer to family included: 

1. A smaller home than desired (18%) 
2. A home without preferred features (11%) 
3. Less access to amenities they currently enjoy (tie, 11%) 
4. A home needing more repairs or updates (10%) 
5. A longer commute to work (tie, 10%)