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45% of Homeowners Planning to Move by 2030

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.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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