Why Americans are moving

More than one-third of recent American homebuyers made a compromise when they settled on their home.

According to a recent porch.com study, the top thing buyers compromise on is the price, followed by the features and then the size.

The top reason Americans are moving is because they wanted to upsize to a larger home (26%). Becoming a homeowner was the second most popular reason at 19%, followed by downsizing (12%). Not surprisingly, millennials were the generation most apt to want more space, they were 27% more likely than Generation X and 77% more likely than baby boomers to move due to upsizing. Somewhat surprisingly, baby boomers and Generation X were more than 50% more liekly to move so that they could own as opposed to rent.

When searching for a home, those who are buying a home to stop renting spent the longest time looking for their new home on average. They spent around 5.7 months, while those who are buying because they want a better neighborhood spent 4.7 months on average looking, while those who wanted a larger home spent about 4.4 months searching. Alternatively, those moving because they and their partner broke up spent the shortest amount of time searching for a property at 2.3 months on average.

What are buyers looking for in a new home? Price was most important, said 77%. Home size was the next biggest feature at 60%, followed by the home features at 50%. Other important factors include local crime rate, work commutes, a large yard, closeness to a grocery store, home architectal style and curb appeal.

However, 18% of respondents said they don’t plan to move in the next decade. The top reason? They love their current home. Being content in their current location and neighborhood are two other factors that are keeping some Americans put.