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Kids reign as new chief purchase officers

Parents now base bulk of home shopping on children

While parents may be the ones signing the contract, it's the kids that truly rule the decision, with more parents basing the bulk of their move on their children. 

Coldwell Banker released a new survey that shows 79% of millennial parents and 70% of Generation X parents said most of their purchasing decisions revolve around their children, including home purchases.

To put this into perspective, only 52% of Baby boomer parents said this was true when raising their family.

"We have seen a dramatic shift of parents today becoming more involved in their kids' lives," said Robi Ludwig, psychotherapist and lifestyle correspondent for Coldwell Banker Real Estate.

 "But now, we are seeing this translate beyond play dates and homework. Parents today are viewing some of their largest decisions through the eyes of their kids, which was not as common 20 to 30 years ago. It is an interesting reflection of how parenting styles may be changing the way we think of consumerism and decision-making."

In addition, parents are now more concerned with how moving will affect their kids than before, with 67% of millennials and 64% of Gen X saying they are more concerned, compared to only 54% of Boomer parents.

However, the survey also found that far more millennial and Gen X parents are living closer to their parents.

"Millennial and Generation X parents are choosing to live close to their parents for a variety of reasons," said Ludwig. "Parents with young children may want the grandparents nearby to occasionally pitch in with childcare, while others may be starting to care for their aging parents. We might want to consider redefining the way we think of the 'Sandwich Generation,' a group traditionally known for caring for their aging parents while supporting their own children.

“There are many people out there who are not yet established caregivers, but are still basing major life decisions on both their kids and their parents," he added. 

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