Nearly Half of Homeowners Plan to Move in 2020s, LendingTree Survey Finds
Key Findings
- 45% of homeowners have plans to move at some point before 2030, while 22% haven't set any expectations. Of those who plan to move within the next 10 years:
- 16% plan to move to a new house in their current location
- 15% plan to move to a new city, but within their current state
- 15% plan to relocate to a new state altogether
- Of those who plan to move, the top reasons for moving include:
- Find an area with lower cost of living (30%)
- Better job opportunities (28%)
- Closer proximity to children (21%)
- Retirement (18%)
- Although 26% of millennial homeowners anticipate 'moving to a larger house' in the next 10 years, 28% of millennial homeowners plan to return to renting sometime this decade.
- 1 in 10 (11%) current renters are planning to buy a home in 2020
- Another 42% of current renters want to become homeowners in the next two to five years,
- 25% don't ever plan to buy a home of their own
Top Reasons Homeowners Would Buy a Home in Next 10 Years by Generation
- Millennials
- Moving to a larger house: 26%
- Upgrading from a 'starter home': 18%
- Relocating because of job: 17%
- No reason to buy a different house: 11%
- Gen Xers
- Retirement in a new area: 19%
- Moving to a larger house: 16%
- No reason to buy a different house: 15%
- Downsizing as empty nesters: 12%
- Baby Boomers
- No reason to buy a different house: 35%
- Retirement in a new area: 26%
- Downsizing as empty nesters: 18%
- Other: 7%
Return to Renting?
About 1 in 6 homeowners plan to return to renting at some point over the next 10 years. One in 10 millennials plan to rent again in 2020. More than two-thirds (68%) of baby boomers don't plan to ever go back to renting.
Methodology
For this survey,
Millennials: ages 23-38
Generation X: ages 39-53
Baby boomers: ages 54-73
For the full survey results, please visit: https://www.lendingtree.com/home/mortgage/homeowners-moving-new-home-2020/
About
MEDIA CONTACT:
Megan.greuling@lendingtree.com
704-943-8208
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SOURCE LendingTree.com