{"id":30967,"date":"2022-10-25T10:12:43","date_gmt":"2022-10-25T14:12:43","guid":{"rendered":"https:\/\/suddath.com\/?post_type=resource&#038;p=30967"},"modified":"2025-05-24T02:12:10","modified_gmt":"2025-05-24T06:12:10","slug":"moving-study-americans-are-still-looking-for-their-forever-home","status":"publish","type":"resource","link":"https:\/\/suddath.com\/moving-company\/moving-tips\/moving-study-americans-are-still-looking-for-their-forever-home\/","title":{"rendered":"Moving Study: Americans are Still Looking for Their Forever Home"},"content":{"rendered":"\n<p>The current U.S. economic climate, with its looming recession, inflation, housing shortage and more, is one of the scariest things happening this spooky season.<\/p>\n\n\n\n<p>From March 2021 to March 2022, the U.S. experienced an almost 21% increase in CoreLogic\u2019s Home Price Index (HPI), which is the largest inflationary increase over a 12-month period since the index was created in 1976. The period between June 2021 and June 2022 also saw a 9.1% increase in the Consumer Price Index, the steepest rise since 1981, according to the U.S. Bureau of Labor Statistics.<\/p>\n\n\n\n<p>Those numbers are giving most in the industry pause, especially coming off the booming, rapid-fire market of early 2021.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is inflation scaring Americans off from buying their forever home?<\/h3>\n\n\n\n<p>According to a study by Mayflower\u00ae, Americans are still determined to make their move and find their perfect \u201cforever\u201d home.<\/p>\n\n\n\n<p>The 2022 Mayflower \u201c<a href=\"https:\/\/www.mayflower.com\/finding-home\" target=\"_blank\" rel=\"noreferrer noopener\">Finding Home<\/a>\u201d study shows that <strong>the cost of living (46%), affordable housing (40%) and inflation (33%) have the strongest influence on those looking to move<\/strong>. Unsurprisingly, the study showed that home buyers are feeling the effect of price increases, with 86% saying they think housing prices in the U.S. are too expensive.<\/p>\n\n\n\n<p>However, when deciding to purchase a home, 81% think finding the perfect \u201cforever\u201d home is the most important factor. When spending that kind of money, they want to be in the home for a considerable amount of time and find the \u201cperfect\u201d fit for their family. We all know there is usually no such thing as a perfect home when considering budget and other constraints, but the good news is that buyers seem to realize this as well. Recent and future buyers are willing to create the perfect home, with 80% saying that even if the home they move into isn\u2019t everything on their checklist, they\u2019re willing to do the work to get it there.<\/p>\n\n\n\n<p>Current buyers are tenacious, with Mayflower\u2019s study finding that they continued to pursue buying their first home despite current inflation rates, even if it meant:<\/p>\n\n\n\n<div class=\"wp-block-group add-margin-left is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>Receiving financial help (35%)<\/li>\n\n\n\n<li>Changing expectations (34%)<\/li>\n\n\n\n<li>Extending timelines (31%)<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>However, that doesn\u2019t mean that homebuyers are proceeding as usual in the housing market. Inflation has also meant that buyers are more strategic with their planning, with approximately one-third of responders saying that current inflation levels meant they were much more likely to consider moving to a new area.<\/p>\n\n\n\n<p>Buyers are looking for affordable, stable places to live. They\u2019re looking for their partners in the home buying process, real estate agents, to help them explore more affordable areas and understand the benefits of more affordable communities.<\/p>\n\n\n\n<p>The survey also found that finances are heavily influencing buyers when it comes to where they\u2019re relocating \u2013 they\u2019re willing to go farther to find the right job and the right cost of living:<\/p>\n\n\n\n<div class=\"wp-block-group add-margin-left is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>Relocating to states for a higher rate of pay is on many buyers\u2019 minds, with 35% saying they would relocate across states \u2013 Gen Z (41%), Millennials (47%), and Gen X (41%) are significantly more likely to strongly agree that they would move states for higher pay than Baby Boomers (12%).<\/li>\n\n\n\n<li>Younger generations, including Millennials and Gen Z, are more likely to say inflation has influenced them to look for roommates than older generations.<\/li>\n\n\n\n<li>Millennials are significantly more likely than other generations to say that they have felt the impact of inflation on their move in terms of finding affordable housing (74%) and placing a competitive bid (68%).<\/li>\n\n\n\n<li>Buyers rate cost and affordability as the most important factors in purchasing a home, while personal preferences like having or not having roommates and quality of school systems are rated as less important.<\/li>\n\n\n\n<li>57% of Americans have cut back on discretionary spending due to the results of inflation.<\/li>\n\n\n\n<li>Future buyers are cutting spending (60%) and working \u201cside hustles\u201d (42%) more than past movers, who note they have already moved to more affordable locations (30%) as a response to inflation.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">What are homeowners\u2019 financial concerns when they do buy a home?<\/h3>\n\n\n\n<p>Even a dream home can quickly turn into a nightmare if the proper steps aren\u2019t taken when purchasing \u2013 and even if they are.<\/p>\n\n\n\n<p>While 90% of homeowners opt for a home inspection <a href=\"https:\/\/www.usnews.com\/insurance\/homeowners-insurance\/new-home-buyer-survey\" target=\"_blank\" rel=\"noreferrer noopener\">according to a U.S. News &amp; World report<\/a>, 83% of homebuyers are still stressed about home ownership as a key financial decision. Beyond that, 69% also admit that they\u2019ve experienced buyer\u2019s remorse in the past, while 33% say they experience such feelings regularly.<\/p>\n\n\n\n<p>New homeowners cited a number of factors that caused them stress. Repair costs are the most common concern, but home value and the cost of ownership also weigh on homeowners\u2019 minds. Among their stressors:<\/p>\n\n\n\n<div class=\"wp-block-group add-margin-left is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>57% of recent buyers worry about home repair costs.<\/li>\n\n\n\n<li>45% worry about the value of their home declining.<\/li>\n\n\n\n<li>45% worry about their mortgage payment increasing.<\/li>\n\n\n\n<li>36% worry about whether they&#8217;ll eventually be able to resell their home.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>Even if they feel financially sound after purchasing a home, many recent homebuyers say they are worried about the safety and security of their property:<\/p>\n\n\n\n<div class=\"wp-block-group add-margin-left is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>59% worry about home break-ins.<\/li>\n\n\n\n<li>52% worry about home fires.<\/li>\n\n\n\n<li>49% worry about home flooding.<\/li>\n\n\n\n<li>37% worry about earthquake damage.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>While damages from break-ins and fires are most likely covered by a typical homeowners insurance policy, recent homebuyers are also concerned about climate change and natural disasters \u2013 nearly three in four (74%). Floods and earthquakes, natural events trending more severe due to climate change, usually require a separate coverage endorsement or a separate policy.<\/p>\n\n\n\n<p>Homebuyers are right to be concerned, because whether it\u2019s routine maintenance or emergency repairs, sooner or later homeowners will have to make fixes to their home.<\/p>\n\n\n\n<p>Of those surveyed, 86% of recent homeowners say they have had at least one home repair to address since moving in, while 14% say they have not experienced any repair issues. The top three home repairs are:<\/p>\n\n\n\n<div class=\"wp-block-group add-margin-left is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<ul class=\"wp-block-list\">\n<li>Plumbing issues (35%).<\/li>\n\n\n\n<li>HVAC issues (34%).<\/li>\n\n\n\n<li>Electrical wiring issues (33%)<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>Other common repair issues include roof damage, poor insulation, and structural problems. Even in the best of economic times, home repairs can be expensive, and when you factor in rising inflation and continued material shortages some recent homeowners have had to reassess their home repair plans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Does the \u201cDream Home\u201d exist?<\/h3>\n\n\n\n<p>If it does, current homebuyers are still determined to find it. Home buyers and their realtors are expanding their horizons and doing extra due diligence when it comes to finding the perfect dream home.<\/p>\n\n\n\n<p>Once finding your dream home, you\u2019ll want only the best possible moving team to help you settle in. Whether you need a <a href=\"https:\/\/suddath.com\/moving-company\/fort-lauderdale\/\">Fort Lauderdale moving company<\/a> for a <a href=\"https:\/\/suddath.com\/moving-company\/\">local move, long-distance relocation, or even international services<\/a>, the Suddath team is here to help with all your moving needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans are on the hunt for their dream home, even in the current economic climate. We dive into how they are factoring in inflation, and the effect it has on how (and where) they\u2019re finding their dream home.<\/p>\n","protected":false},"author":29,"featured_media":30968,"parent":0,"menu_order":0,"template":"","resource_category":[245],"resource_tag":[264],"class_list":["post-30967","resource","type-resource","status-publish","has-post-thumbnail","hentry","resource_category-domestic-moving","resource_tag-domestic-moving"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>American Families Still on the Hunt for Their Dream Home<\/title>\n<meta name=\"description\" content=\"Americans are on the hunt for their dream home, even in the current economic climate. 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We dive into how they are factoring in inflation, and the effect it has on how (and where) they\u2019re finding their dream home.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suddath.com\/moving-company\/moving-tips\/moving-study-americans-are-still-looking-for-their-forever-home\/\" \/>\n<meta property=\"og:site_name\" content=\"Suddath\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/suddathmovingandstorage\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-24T06:12:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suddath.com\/wp-content\/uploads\/oyo-webp\/462547f2e14b0a32728e38e0cfa7c4f1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"856\" \/>\n\t<meta property=\"og:image:height\" content=\"392\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@SuddathMoving\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/suddath.com\\\/moving-company\\\/moving-tips\\\/moving-study-americans-are-still-looking-for-their-forever-home\\\/\",\"url\":\"https:\\\/\\\/suddath.com\\\/moving-company\\\/moving-tips\\\/moving-study-americans-are-still-looking-for-their-forever-home\\\/\",\"name\":\"American Families Still on the Hunt for Their Dream Home\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/suddath.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/suddath.com\\\/moving-company\\\/moving-tips\\\/moving-study-americans-are-still-looking-for-their-forever-home\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/suddath.com\\\/moving-company\\\/moving-tips\\\/moving-study-americans-are-still-looking-for-their-forever-home\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/suddath.com\\\/wp-content\\\/uploads\\\/oyo-webp\\\/462547f2e14b0a32728e38e0cfa7c4f1.webp\",\"datePublished\":\"2022-10-25T14:12:43+00:00\",\"dateModified\":\"2025-05-24T06:12:10+00:00\",\"description\":\"Americans are on the hunt for their dream home, even in the current economic climate. 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