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Almost 45% of Today’s Owners Plan to Move Within 10 Years

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. 

CHARLOTTE, N.C. – 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.

© 2020 Florida Realtors®