Nearly Half of Homeowners Report Plans of Moving Over Next Decade

A new decade means… a new home?

According to 45% of homeowners, the answer is yes. A recent LendingTree survey found that nearly half of homeowners plan to move within the next decade, possibly opening up some inventory for first-time buyers.

So, where are owners planning to go? Sixteen percent said they plan to remain in their current city, just to a new house, while 15% are remaining in the same state, but relocating to a new city and 15% are packing up and moving to a different state. The main reason owners are moving? Thirty percent said they are looking for a lower cost of living, 28% want better job opportunities and 21% said they want to be closer to their children.

Some current owners even plan to sell their home and then rent for a while, mostly millennials at 28%, but 7% of baby boomers are also considering signing a lease instead of an Agreement of Sale. However, more than half of each generation said they would never, ever go back to renting. On the flip side, 53% of renters said they plan to buy a home in the next five years, with an additional 16% planning to purchase in the next six to 10 years.

For owners looking to purchase a new home, the reason for the change really depends on the age of the owner. Millennials, for example, are most likely moving to a home with more space, upgrading from their starter home or relocating for a new job, while Generation X members’ reasons for moving are they are looking for a new area for retirement, a larger home or downsizing. Baby boomers are most likely to be moving due to retirement in a new area or downsizing.