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The average length of homeownership has been 10-12 years…..until now?!?
Nearly half of Americans are considering a move to a new home
Of those considering a move, more than 1 in 4 (27%) want to stay within their current area. The main driver behind this sentiment is a desire to reduce living expenses, which is true for 44% of respondents.
Rounding out the top five reasons behind a potential move are:
- “My current home is too small” (27%)
- “I’m looking for different features” (27%)
- “I’d rather live in a different part of town” (12%)
- “I don’t like the management of the property I’m renting” (11%)
“The economic crisis has adversely affected the finances of many Americans,” said Tendayi Kapfidze, LendingTree’s chief economist. “Even those who have kept their jobs and added to savings, via stimulus and spending less due to staying home, are likely worried about the stability of their financial position.”
https://www.lendingtree.com/home/mortgage/nearly-half-of-americans-are-considering-a-move-to-reduce-living-expenses/
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I can only guess that “my house is too expensive” encompasses anyone who might say “my house is too big.” You’d think downsizing would feature prominently in moving decisions.
Agree plus add in the lottery-type equity and it’s never been so tempting to downsize!