More Americans expect to relocate in 2016, compared to last year, but a larger percentage of them also plan to rent versus purchase a home.
Some 42 million, or 17 percent, of Americans plan to move in 2016, up from 12 percent last year. Still, of those planning to relocate, 53 percent are expecting to rent — the largest percentage since 2012.
By contrast, some 40 percent of Americans planning to relocate this year expect they will purchase a home. That’s down from 46 percent in 2015. Some 7 percent of 2016 survey respondents were not sure whether they would rent or buy — versus 4 percent last year.
In general, Americans are feeling confident about the economy and their own financial stability, yet they’re buying fewer homes. The reason could be a shift in the cultural mindset — especially among millennials — who value flexibility and freedom, and homeownership could be seen as counter to that.
On that note, 31 percent of millennials — now the largest generation in the country — expect to move in 2016. That’s up from 21 percent last year. Still, of those eying relocation, 55 percent plan to rent.