The economists at CoreLogic recently released a special report entitled, Evaluating the Housing Market Since the Great Recession. The goal of the report was to look at economic recovery since
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December HOME Survey: Moving Near Family and Hosting Friends
In the Housing Opportunities and Market Experience (HOME) Survey, respondents are asked a series of unique questions each quarter. In the December survey, consumers were asked whether they hosted family and friends at home during the holidays, on weekends, and for regular gathers, as well as whether moving near family was important to them.
Fifty-one percent of all respondents said that they do host family friends four or more times a year, compared to only six percent that hosted once a year. Of those that own their own home, 57 percent said they host four or more times a year. Compared to those that rent a place, only 38 percent said they host four of more times and year and 30 percent said they rarely or never host.
When segmented by location, of those who said they host four or more times a year, 54 percent live in rural areas and 53 percent live in suburban areas. Those that hosted frequently was lower in urban areas at 42 percent. When segmented by income, respondents that said they host four or more times a year increased with income, 64 percent with an income of more than $100,000 a year compared to 43 percent with an income of under $50,000. Those that hosted frequently was nearly the same in all regions, albeit slightly lower in the South.
Seventy-eight percent of all respondents said moving near family is important (45 percent said very important and 33 percent said somewhat important). The importance of moving near family increased with age, from only 36 percent stating very important for those 34 years and under to 57 percent for those 65 years and over. While the importance of moving near family was nearly the same across locations, it was slightly higher in rural areas. Moving near family went down slightly as income went up, from 46 percent with an income under $50,000 a year to 43 percent that have an income of more than $100,000 a year. Moving near family was very important in the Midwest at 47 percent compared to 43 percent in the South. For homeowners, 49 percent said that moving near family was very important compared to only 37 percent of renters.
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