Home buyers give weight to needs of kids, grandparents

For today's parents, purchasing a home has become a family affair.

Baby Boomers may have been concerned about careers and the convenience of commutes when house-hunting, but for Generation X and Millennial parents, the needs of their children and even grandparents are a part of the homebuying process.

According to a study from Coldwell Banker Real Estate, the shift is measurable.

The survey, conducted among 2,800 parents from three generations, suggests that today's children may be elevated to the position of "chief purchasing officers" of the family. It found that 79 percent of Millennial parents (ages 18-34) and 70 percent of Gen X parents (ages 35-49) said most of their major purchasing decisions, including home purchases, revolve around their children. Only about 50 percent of the Boomer parents said this was true when they were raising their families.

Buyers are also making the needs of their own parents a priority when making a move, and grandparents are considering their children when planning for retirement. Many buyers also understand that grandparents can add to the quality of life of their own children in practical and intangible ways. Longer life spans lead to more long-term decisions.