Many Americans want to move, but economic uncertainty is forcing a majority to stay put, according to new data out from the Harris Poll.
The survey, conducted online from November 11-13 2022, polled 1,980 U.S. adults. The research included 1,296 homeowners and 615 renters, as well as 194 Gen Z (ages 18-24), 613 Millennials (ages 25-40), 485 Gen X (ages 41-56), and 688 Boomers (ages 57 and older).
The data shows that despite of today’s challenges, four in 10 Americans plan to move to a new home in the next three years. However, 71 percent of Americans are waiting to move due to economic uncertainty and interest rates.
Some 63 percent of Americans report that their housing costs have increased since the pandemic started, with 28 percent saying that it increased significantly. Renters want to become homeowners, but a majority—59 percent—worry if they will be able to ever own, while 56 percent report believing that the dream of owning a home is dead.
For those who moved during the pandemic, it hasn’t been all smooth sailing. Six in 10 of those who moved said it was unplanned and 44 percent regret relocating to their new home.