Forty-five percent of homeowners have plans to move at some point within this decade, according to a new study of more than 1,500 Americans released by LendingTree. Sixteen percent of survey respondents say they plan on moving to a new house in their current city; about 15% intend to move to a new city in their state; and 15% plan to relocate to a new state. The key motivators to move over the next few years, respondents say, include the desire to live in an area with a lower cost of living (30%); an area with better job prospects (28%); and to be closer to their children (21%).
The motivations for moving differ from generation to generation. For example, millennials are more likely to want to move for a larger house, while baby boomers are motivated to retire in a new area.
Further, the survey also found that 11% of renters plan to buy a home in 2020. Forty-two percent of those renters intend to buy within two to five years.