Family tradition of homeownership can influence future generations of home owners, according to a study by Trulia.
The Trulia study utilizes data across four decade from the University of Michigan’s Panel Study Income Dynamics, which revealed children who grew up in a home owned by their parents were nearly three-times as likely to buy a home of their own as adults.
Housingwire.com’s Kelsey Ramirez writes,” The trend tends to become a tradition. Someone who is 40, has a household income of $100,000 annually and grew up in a family-owned home is 79% like to become a homeowner. This is compared to a 56% chance for someone in the same position whose parents rented”.
The articles goes on to state that someone who is 25-years-old and has a household income of $40,000 has about a 12% chance of owning a home if their parents rented during all of that person’s childhood, and the same 25-year-old would have a 29% chance of owning a home if their parents owned during their childhood.
For more on the statistics of the home buying family tradition, check out Kelsey’s article here.