Many Americans are moving because they want more space, according to a new survey of 1,000 consumers from Porch.com, a home remodeling website. More than one in four—and millennials, in particular—say their chief motivator for moving is the desire a larger home. Porch.com found the top moving motivators among consumers:
- Desire for a larger home: 26%
- Desire to own, not rent: 19%
- Downsizing: 12%
- New job or job transfer: 11%
- Desire for a better neighborhood: 9%
- Separating from a significant other: 6%
- Establishing own household (e.g. moved out of parents’ house): 6%
- Desire to be closer to family: 5%
- Desire for a shorter commute: 5%
Their reasons for moving also tended to impact their home search. For example, consumers who were looking to transition from renting to owning tended to take the longest time looking for a home—an average of 5.7 months. On the other hand, those who were moving for a job or because they split up with a significant other tended to move the fastest: less than 3 months.
Home buyers also acknowledge having to make some compromises on the items they most desired in a home, according to the survey. Potential home buyers say they compromised the most on purchase price, housing features, and size. However, 62% of respondents say they didn’t have to make any compromises at all.
Source: “Moving Matters,” Porch.com (May 2019)
