Plenty of Americans are expected to move in 2022, seeking more space to accommodate their new remote working lifestyle. Nearly half of these on-the-go consumers hope to realize their homeownership dreams, according to the latest LendingTree survey. Over 50% of them say they need a Fido-friendly house, while a little less than half require outdoor space to call their own.
LendingTree surveyed 2,100 U.S. consumers to ask about potential relocation plans, refinancing and renovation aspirations for 2022. The key takeaway from the survey was about 40% of Americans are considering a move in 2022. Those who are most likely to move are Gen Z and Millennials (62% and 53%), remote workers (53%), renters (52%) and parents with young children (50%).
The desire for more space is the number one reason Americans plan to move, while others have different features in mind. The most common must-haves for their next home include that it be pet-friendly (54%), have an outdoor space (49%) and come with a large kitchen (43%).
Additionally, nearly half of those planning to move (46%) hope to buy a home. Almost two-thirds of respondents say they’ll ultimately decide by themselves on when and where they move. However, another 36% will do so with their spouse or partner.
More than a third of Americans say the pandemic completely changed what they’re looking for in a home, as well as where they’d like to live. These sentiments are most common among hybrid and remote workers.
Meanwhile, there are two alternatives to moving for new features or lower costs: 72% of homeowners are considering renovations or upgrades to their home in 2022, and 37% might apply for a home refinance.
For those who are planning to move, staying within the same city is a top priority for both men (25%) and women (17%). According to LendingTree senior economic analyst Jacob Channel, consumers moving further will likely head to warmer weather states like Texas or Florida.
Approximately 39% of Americans are thinking about moving elsewhere in the U.S. in 2022. Breaking down that group further: 21% are thinking about moving within their current city, 11% are considering going elsewhere in their state, and 8% are contemplating moving to another state.
