When it comes to purchasing a new home, 55% 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, according to a new Harris Poll survey commissioned by SunTrust Mortgage, a division of SunTrust Banks, Inc. (NYSE: STI).
For millennial parents between the ages of 18 and 36, the influence of children is even higher at 74%.
Top requests include their own bedrooms (57%); large backyards (34%); proximity to parks/activities (25%), schools (24%), friends (24%); and swimming pools (21%).
“As a parent of two kids, I know from experience that including children in the home buying process is not only fun for the whole family, but also educational for our home buyers of tomorrow,” said Todd Chamberlain, head of Mortgage Banking at SunTrust.
Among renters with children under the age of 18, youngsters may play an even greater role in future home purchases. According to the survey, 83% of these renters said the opinion of their children will be a factor in which home to buy.
The survey also found that while 72% of renters want to purchase a home in the next two years, 17% said the stress of the mortgage application process is discouraging them.
