RISMEDIA, May 6, 2009-Just as the Great Depression contributed to large-scale migrations from certain parts of the U.S., the current recession could be having a similar, historic effect, a new survey from Relocation.com, one of the leading online consumer resources for moving services, suggests. Data from Relocation.com showed that consumers are moving longer distances and making more out-of-state moves compared to a year ago, mainly due to economic factors like a lost job. The percentage of consumers who moved more than 1,000 miles for their move nearly doubled compared to a year ago – 70% of survey respondents said they moved 1,000 miles or more, compared to 36% in a similar study conducted in early 2008.
The latest U.S. Census Bureau data shows a decrease in the total number of moves, down from 13.2% in 2007 to 11.9% in 2008, the lowest rate since 1948. Of those moving consumers, the new Relocation.com data shows that the financial crisis has had a definite impact, with 60% more consumers now listing financial reasons as the primary reason for moving compared to last year; 41% of respondents indicated that the recession and housing crisis had a strong influence on their decision to move. Three percent of the consumers who took the survey indicated that they lost their home through foreclosure, while 13% reported that they lost their job.
The number of people who said they moved for family reasons has also risen from 18% in the 2008 survey to 28% in 2009. The numbers could reflect people moving in with family members to cut costs, a desire to be close to family members or other reasons.
“Even though a smaller total number are relocating, consumers are still on the move for jobs, better housing or family reasons,” said Sharon (Ron) Asher, chairman and founder, Relocation.com. “We are seeing more out-of-state moves from traditionally popular destinations, likely because of high foreclosure rates and diminished property values.”
A small percentage of movers were making moves for the better with five percent of those surveyed moving to a bigger, better house, while eight percent were looking for a better neighborhood to improve their lifestyle.
For more information, visit www.relocation.com.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com