According to findings reported from a recent LendingTree survey, nearly 50% of Americans are thinking about relocating in the near future. LendingTree conducted this survey by polling over 2,0000 American residents, and the analysis of the results offer a telling and insightful window into the reasons why some are currently considering a move.
Specific statistics revealed that 46% of the survey respondents said they were actively considering a move within the coming year. Further broken down into specifics, 27% of these had their minds set on finding a new residence within the same area they are currently living, 12% reported considering a move to another city within their same state, and the remaining 8% stated having set their sights on a move to an entirely different state from their current one.
Experts point to the current COVID-19 pandemic and all of the ramifications it has caused for affecting these housing trends. Also affecting the housing market and how Americans are regarding it is the record-breaking unemployment the nation is seeing, with a staggering 11 million Americans still searching for work. Also noted was the trend of Americans fleeing crowded, pricey cities and heading to less expensive, more affordable suburbia.
Another interesting fact discovered by the survey is that a vast majority (64%) of remote workers were among those considering relocation, which contrasted with the far less 31% of commuter workers who are now considering a move. Also divulged by LendingTree was the fact that homeowners were far less likely than renters to consider relocating within the coming year, with 39% of homeowners admitting to mulling over a move versus 56% of renters actively considering pulling up roots.
As mentioned above, the pandemic was definitely noted as having had a direct impact on respondents’ thoughts toward relocation, with 38% of respondents admitting that the COVID-19 pandemic has absolutely directly affected their living situation. Although many examples were noted, the most frequently mentioned was the need to move in with family or friends, which was cited by 14% of respondents. 10% of survey respondents mentioned having family or friends move in with them, and 6% of respondents pushed to purchase a new home.