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According to a U.S. Census study, the top reason people move is to secure a new, better or larger home. As household sizes grow, so does the need for more space. This growth can result from marriage, the arrival of a new baby, multigenerational living arrangements, or combining households to share expenses.
The second most common reason for moving is the desire to establish a new household. This often stems from milestones such as the next generation moving out of their parents’ home, as well as life changes like marriages and divorces.
The third most common reason for moving is a job change or relocation to a new city. Before the rise of remote work, this was a much more significant factor. In the 1980s and 1990s, corporations invested heavily in relocating employees, a necessity before the internet revolutionized connectivity. However, many jobs still require in-person work at specific locations.
The fourth reason is being closer to family. As baby boomers age, we increasingly see them moving nearer to younger generations for support and care. They also value proximity to their grandchildren and great-grandchildren, making family connections a driving force for relocation.
The fifth most common reason for moving is to find more affordable housing. However, with rising home prices, this has become increasingly challenging. The combination of significantly higher interest rates, property taxes, and insurance costs has pushed many to seek less expensive options to balance their monthly budgets. Additionally, as baby boomers enter retirement, many are looking to downsize from larger homes to more manageable ones.
The sixth reason is the desire to own a home and build equity. Studies consistently show that homeownership is financially more advantageous in the long term compared to renting.
While the U.S. Census identifies up to 20 reasons for moving, the six listed above represent the majority of relocations. If you’re planning to move this year, start by consulting your Realtor® and lending professional to ensure you make informed decisions that suit your needs.
For more information, visit: census.gov/data/tables/2023/demo/geographic-mobility/cps-2023.html
Duane graduated with a business degree and a major in real estate from the University of Colorado in 1978. He has been a Realtor® in Boulder since that time. He joined RE/MAX of Boulder in 1982 and has facilitated over 2,500 transactions over his career. Living the life of a Realtor and being immersed in real estate led to the inception of his book, Realtor for Life. For questions, e-mail [email protected], call 303.441.5611 or boulderco.com.
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