Why do people want to move? A new survey from Redfin (NASDAQ: RDFN) determined people are in search of bigger and better surroundings – as well as finding a cheaper place to live.
In a survey of 1,802 adults, respondents cited a desire for more space (31.2%) as the top reason to move, followed by the desire to upgrade into a better home or neighborhood (25.4%), and wanting to seek a lower overall cost of living (21.6%).
Other key reasons for relocating include safety and crime (17.5%), a concern over natural disasters or climate risks in their current area (13.7%), lower property taxes (11%), family changes (10.3%), and higher school ratings (8.8%).
Redfin also found that women (20%) were more likely than men (13.8%) to cite a concern for safety/crime as a reason for moving in the next year, while men (17.3%) were more likely than women (10.1%) to cite a concern for climate risks.
“People want to feel safe in their homes, so it makes sense that concerns around crime and natural disasters are significant motivations for moving,” said Redfin Chief Economist Daryl Fairweather. “With climate risks, the reason people move is not necessarily solely related to physical safety, but also because of the potential financial impact of high insurance premiums and other home protection measures.”
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