ERA Real Estate, an international real estate franchisor, and HGTV.com, the leading home and garden website, recently tapped HGTV enthusiasts for their attitudes toward relocation and found 1 in 3 Americans would consider moving to another state in the next one to two years. The main motivators for such a major move include financial as well as lifestyle considerations.
“While U.S. unemployment has declined and real estate values have been on the rise, many Americans who met with financial challenges during the last five years may be looking to make a change by moving to a new job market,” says Charlie Young, president and CEO of ERA Real Estate. “That not only makes good financial sense, but would likely increase their quality of life.”
For those consumers who would consider relocation, the primary financial drivers are better job opportunities and a lower cost of living, while curiosity about new places and better weather were equally important in the lifestyle consideration set.
For those who were not interested in a major move, 72 percent of respondents reported it was because they were happy living in their current local market.
With U.S. Census data pointing to increased “migration” – the number of people who moved out of state or region in 2012 increased 6 percent over 2011 – and ERA brokers citing an increased interest in self-directed relocation, ERA Real Estate partnered with HGTV to dig deeper into the American appetite for relocation.
“As the overall economy and job market improves, people are more likely to consider a major life change that is on their terms, not because they have to,” says Dr. Leslie Reiser, a behavioral expert who worked with ERA Real Estate to understand consumer psychology, attitudes and behavior surrounding relocation.