Moving to a new house is on the mind of many American homeowners with 45% planning to do so within the next 10 years.
But for almost 3 in 10 millennial homeowners, the move may be the end of their ownership dream, at least for now, as they opt to return to renting according to a survey by LendingTree. One in ten say they expect this to happen this year.
Across all generations, just 1 in 6 homeowners plan to return to renting with baby boomers the most likely to rule that out (68%)
The poll of more than 1,500 Americans found that, of those that plan to move before 2030, a new house in their current location is the preference of 16%, while 15% plan to move to a new city but remain in their state, and the same share expects to move to a new state.
Lower cost of living (30%), better job opportunities (28%), being closer to their children (21%), or retirement (18%) are the top reasons given for the planned move.
The share of millennials who plan to buy (26%) is more than offset by 42% of current renters of that generation who want to buy in this decade, although 25% say they don’t ever plan to buy a home of their own.
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