This decade is all about out with the old and in with the new. According to a new survey from LendingTree, 45% of homeowners have plans to move at some point in the new decade.
Of the homeowners who said they plan on moving, 30% are moving to an area with a lower cost of living; 28% are moving to an area with better job prospects and 21% are moving to be closer to their children.
Following the trend of aging in place, The Silent Generation (age 75 and up) said there’s “absolutely no reason” they would buy a new home within the next decade (60%).
In good news for homeownership rates, only one in six said they plan on going back to renting at some point in the next 10 years.
Even though renting may seem trendy to some, 42% of renters said they have plans to buy a home within the next two to five years, while another 16% said they’ll start the homebuying process in the next six to 10 years, LendingTree said. 25% of renters said they actually never plan to buy a home.