A LendingTree survey of more than 1,500 Americans reveals that 45% of homeowners plan to move within the decade.
Sixteen percent say they are moving to a new house in the same city, 15% may move to a new city in their state, and 15% are relocating to a new state. However, 22% of homeowners aren’t sure about their migration plans over the next 10 years.
When asked why they’re moving, 30% said because of the lower cost of living, 28% want to move to a city with better job prospects, and 21% want to be closer to their children.
The survey found that 28% of millennials plan to go back to renting sometime this decade and just 11% of renters are planning to buy a home in 2020.
Another 42% of renters have plans to buy a home within the next two to five years and 16% said they’ll start the homebuying process in the next six to 10 years.
Twenty-five percent of renters polled said they never plan to buy a home.
Millennials’ motivation for moving is to fund a larger plan, with 26% responding as such. Gen Xers and Baby Boomers are both looking to retire to new places.
Baby Boomers are also moving to downsize as empty nesters, with 18% saying that is a reason to move.
Overall, one in six homeowners plan to return to renting at some point over the next decade. One in 10 millennials plan to rent again in 2020.
A recent Redfin report reveals a startling shift in those who sought to purchase homes in Q4 2019. Redfin revealed a huge migration of would-be homebuyers moving from metro areas that were above their price ranges to less-saturated and more affordable metro areas.
Specifically, statistics found that 26% of those seeking to buy houses planned to move versus a 25% migration rate for the same demographic at this time last year. This percentage posts an all-time high for this demographic during this quarter.