Surveys: Half of Homeowners Plan to Move this Decade—And They’ll Argue About It
A major share of homeowners has a new home purchase in mind in the coming years. Another group plan to downsize by renting, according a survey by LendingTree, New York.
And a separate survey by Zillow, Seattle, said a majority of those who plan to move will bicker about it.
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 within this decade.
Of those homeowners, 16% said they’re moving to a new house in their current city, 15% are moving to a new city in their state and nearly 15% are relocating to a new state. However, more than 1 in 5 (22%) homeowners aren’t sure about their moving plans over the next 10 years.
When homeowners with moving plans were asked why they’re making moves, the top three responses were:
–To move to an area with a lower cost of living (30%)
–To move to an area with better job prospects (28%)
–To be closer to their children (21%)
More than 1 in 4 millennials are considering a return to renting.
Not all millennial homeowners seem to be sold on ownership. More than a quarter (28%) of them plan to go back to renting sometime this decade. Just 7% of baby boomers plan to do the same.
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 nearly 16% expect they’ll start the homebuying process in the next six to 10 years.
Conversely, 1 in 4 renters said they never plan to buy a home.
The top five reasons current homeowners would buy a new house in the next 10 years are:
–Retiring to a new area (16%)
–Moving to a larger home (14%)
–Downsizing as empty nesters (12%)
–Upgrading from a starter home (10%)
–Job relocation (10%)
–For millennial homeowners, the most-cited reason is moving to a larger home (26%). The top reason for both Gen Xers (19%) and baby boomers (26%) is retiring to a new area.
–Nearly 60% of homeowners in the silent generation said there’s absolutely no reason they would buy a new home within the next decade. More than 1 in 3 (35%) baby boomers agree.
–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.
–When asked if they plan to downsize their home in the next five years, 18% of homeowners said yes. Another 23% said downsizing is a possibility for them.
–Additionally, more than 1 in 5 (21%) of homeowners plan to move to a larger home in the next five years.
Meanwhile, Zillow said its online survey conducted by The Harris Poll found that for a majority of couples who plan to buy or sell, the process will be fraught with conflict.
The survey found the vast majority of Americans (77 percent) who have gone through the home buying process with a significant other in the past decade say they argued over the home buying process. Nearly as many Americans (71 percent) who have sold a home with a significant other in the past decade say they argued over the home selling process, suggesting those two life events may take a toll on relationships.
Of those who argued with their significant other over the home buying process, most (54 percent) disagreed over the size or style of home to buy, and nearly half (47 percent) disagreed over a home’s must-have features or deal breakers. Other conflicts surfaced over the location or neighborhood to buy in (42 percent argued over this), the budget (37 percent) and whether to buy a fixer-upper (29 percent).
Nearly a quarter of couples who argued over the home buying process were feuding over their mortgage options, such as selecting the right lender or mortgage product.
The survey said a large percent of Millennial sellers, aged 25 to 39, argued with a significant other over selling a home (85 percent) while a smaller share of baby boomer sellers, 55 years and older, argued about the home selling process (54 percent), indicating that life experience–and a higher likelihood of being a repeat seller–might help couples weather the tension that can come with a home sale. Of couples who argued over the home selling process, a majority (69 percent) fought about at least one of three financial decisions: what price to list the home for, whether to drop the price and whether to accept an offer.