Study: While almost half the U.S. population says they plan to move over the next 10 years, more millennials are starting to question the value of homeownership at all. Of those potential movers, 1 in 3 wants a lower cost of living and 1 in 4 wants a better job.
According to a survey commissioned by LendingTree, 45% of homeowners plan to move to a different house within the next decade – but a few millennials question whether homeownership is the best fit.
Key findings
While 45% of homeowners have plans to move at some point before 2030, 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 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:
- Finding an area with a lower cost of living (30%)
- Better job opportunities (28%)
- Closer proximity to children (21%)
- Retirement (18%)
While 26% of millennial homeowners anticipate “moving to a larger house” in the next 10 years, 28% plan to do the opposite – return to renting. Regarding renters, the survey found:
- 1 in 10 (11%) current renters plan 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 (ages 23-38)
- 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 (ages 39-53)
- 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 (ages 54-73)
- 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, and one in 10 millennials plan to rent again in 2020. However, 68% of baby boomers don’t plan to ever go back to renting.
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