Published Date 2/28/2024
. Why do people move? And what makes them move only a few years after buying a home? The Atlantic says it’s because the U.S. is so much more vast than most European countries, it boasts a common language, and has a more efficient labor market. Americans can be enticed to move to regions where there is steady job growth, such as the Sun Belt in recent years. They also report that between the ages of 18 and 45, the average American will move five or six times. After 45? Only two or three more times. Judging this by homeownership statistics, Realtor Magazine’s Melissa Dittman Tracey reports on how this varies across the country, with homeowners in Arizona, Nevada and Florida staying the shortest amount of time in their homes—five years or less—before moving on, according to a new study from This Old House. “One potential reason is the states’ favorability for retirees, since they all lack a Social Security tax and offer generally warm year-round climates,” researchers note. But wait. Isn’t that a reason to stay instead of leave? Just a tad confusing. The metro areas that had the largest percentage of homeowners who lived in their homes for just five years or less were Jacksonville, N.C. (49%), Daphne-Fairhope-Foley, Ala. (44%), and Panama City, Fla. (43.5%). 68% of all homeowners surveyed say they have no plans to move, citing affordability, community connections and family as reasons to stay put. “But more than a quarter of respondents say they’re feeling an itch to move, and an additional 6% say they plan to make a move soon,” says Tracey. Those who do want to move expect to profit generously from their current homes and that anticipated profit may even be the reason they want to sell. These project a 53% return on their investment when they sell, the survey shows. Reach out for more! RealtorMag, The Atlantic, TBWSAll information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
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