Nearly half of more than 2,000 Americans recently surveyed say they plan to move soon to reduce living expenses, according to a new survey from LendingTree. Forty-six percent of respondents say they plan to relocate within the next year.
The pandemic has motivated more Americans to consider a move. Sixty-four percent of remote workers say they are considering a move. Many consumers say the COVID-19 outbreak also has led them to change their living situation.
“The economic crisis has adversely affected the finances of many Americans,” says Tendayi Kapfidze, LendingTree’s chief economist. “Even those who 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.”
Also, respondents say they’re now more motivated to move to be near family or friends (14%) or have family and friends move in with them (10%).
They also desire several home features and amenities that they didn’t previously consider important. The three most common are a yard to enjoy the outdoors without shared space, a larger kitchen since they’re dining out less, and an office space for remote working or distance learning, according to the LendingTree survey.
Source: “Nearly Half of Americans Are Considering a Move to Reduce Living Expenses,” LendingTree (Nov. 17, 2020)