1 in 3 Homeowners Plan to Move in Next 5 Years

Nearly 1 in 3 homeowners (32%) plan to move within the next five years, according to Hippo Home Insurance’s 5-Year Housing Forecast. 

Many plan to move due to space- or location-related motives, with the top reasons for near-future moves being: 

1. Wanting a larger home or more space (27%) 
2. Wanting to live in a different city or neighborhood (23%) 
3. Wanting to downsize (13%) 
4. Wanting to be closer to family or friends (12%) 
5. Financial reasons (11%) 

As expected, moving plans vary by age, with younger generations more likely to move within the next five years than older homeowners: 

1. Gen Z homeowners (ages 18-28): 47% 
2. Millennial homeowners (ages 29-44): 43% 
3. Gen X homeowners (ages 45-60): 30% 
4. Baby boomer homeowners (ages 61-79): 18% 

Of all the homeowners who do plan to move within the next five years, 67% told Hippo that they regret purchasing their current home. The top reasons were: 

1. They faced more unexpected issues than they anticipated (27%) 
2. The maintenance and upkeep require more effort than they planned for (25%) 
3. Homeownership costs more than they thought it would (17%) 
4. They had to compromise on features they really wanted (16%)
5. They’re paying a mortgage rate that’s higher than they can comfortably afford (16%) 

In Pennsylvania, homeowners’ top housing regrets are that they’ve faced unexpected issues and that they had to compromise. 

Although high home prices, compromises, fluctuating utility bills and unexpected issues have posed challenges and prompted thoughts of moving, Hippo reports that 63% of homeowners planning to move in the next five years still say that homeownership has been worth it or has been a rewarding, positive experience overall.