Nearly Half of Homeowners Plan to Move in 2020s, LendingTree Survey Finds
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ccording to LendingTree's latest survey, 45pc of homeowners have plans to move to a different house within the next decade while a few millennials question whether homeownership is the best fit.
LendingTree commissioned the survey of more than 1,500 Americans to better understand their sentiments around making moves in this new decade, whether it's buying a home or choosing to rent.
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, LendingTree commissioned Qualtrics to conduct an online survey of 1,552 Americans with the sample base proportioned to represent the overall population. The survey was fielded Dec. 13-16, 2019.
LendingTree defined generations* by the following age ranges
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/
✔️ Nearly Half of Homeowners Plan to Move in 2020s, LendingTree Survey Finds
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