The “Goldilocks” of Home Buyers
Why do homeowners want to move? According to a survey conducted for Trulia by Harris Poll, most American homeowners are not satisfied with the size of their current home. The survey found that less than 32% of homeowners would purchase a home that is the same size as their current residence.
Even as new home sizes trend larger, some homeowners are actually shopping smaller. Bigger is not always better, of those surveyed living in homes larger than 2,000 square feet, 60.6% would prefer a smaller size for their next home. The size of the home varies by demographic. Most boomers (ages 55+) want to downsize whereas most millennials (ages 18-34) are looking to upsize.
The survey also reported that annual household income affects the desire to upsize or downsize. Households with an annual income of $150,000 or higher were seeking a smaller home and households with an annual income under $150,000 wanted a larger home.
What conclusions can we draw from the home size survey? Trulia chief economist Ralph McLaughlin stated, “For one, many Americans are living in a world of home size mismatch… The key to satisfaction, it seems, may be a sway of homes between these two generations.”