Americans under the age of 30 are on the move. They’re buying, selling, and moving at high rates, largely driven by career changes and the pandemic, according to the new State of Homeownership Report released by Matic, an insurtech platform.
Senior homeowners, on the other hand, are less likely to change their living arrangements or consider refinancing compared with younger adults, the survey shows.
Thirty-three percent of homeowners under the age of 30 say they plan to sell their homes within the next 18 months. However, only 13% of those over the age of 60 said they plan to sell.
“In 2020, people generally stayed put because of uncertainty and restrictions related to the COVID-19 pandemic,” says Ben Madick, CEO and co-founder of Matic. “In 2021, people started to identify what they wanted and where they wanted to be. Those prioritizing financial stability typically need income security before making a move, especially if they already have housing security. With more remote work opportunities, income security for some now doesn’t have to rely on location.”
Younger homeowners said they plan to explore alternative housing in the future; nearly 16% of overall respondents say they will live in an RV, van, or tiny home. Twelve percent say they will consider renting. Many respondents also said they will consider moving to a new city or state. Also, some young adults may choose to move back with their parents.
Source: “State of Homeownership Report,” Matic (Jan. 26, 2022)