Most Americans say that they have no plan to move home…ever
Most Americans say that they have no plan to move home…ever!
A poll by Bankrate.com finds that while 21% of respondents plan to move within the next five years, and a further 14% may do so within the next 20 years, 62% say they will never do so!
And that means fewer existing homes being added to the already tight supply.
“Americans are essentially staying put in their homes for the foreseeable future, either by choice, or by necessity or some combination,” said Bankrate.com senior economic analyst, Mark Hamrick. “Because of this, prospective homebuyers are finding a real lack of quality, affordable inventory, which can lead to bidding wars and risky overspending.”
While selling may not be intended, remodeling is being considered by 35% of respondents.
But many owners may be missing out on getting a better deal by refinancing because they don’t know what their current mortgage rate is (29% don’t know or won’t say). This share rises to 37% among millennials and 35% among Gen-Xers.
Thirty-nine percent of both Gen Xers and Baby Boomers (ages 54-72) say they have a mortgage on their primary home, the most likely age groups, while 27% of younger Boomers (ages 54-63), 38% of older Boomers (ages 64-72) and 51% of The Silent Generation (ages 73+) own a home without a mortgage.
