Overall, 46% of survey respondents are thinking about relocating within the next year. This includes those considering a new place in their current area (27%), in another city in their state (12%) or a new state entirely (8%).
Nearly two-thirds (64%) of remote workers are mulling over a move, while just 31% of commuters report the same.
More than a third (38%) of consumers report that the coronavirus pandemic has changed their living situation. The most common change was moving in with family or friends (14%), followed by having family or friends moving in with them (10%) and buying a new home (6%).
Two-thirds (67%) of consumers now desire home amenities and features they didn't previously consider. The three most cited are: A yard (27%) to enjoy more time outdoors without being in a shared space with others; a bigger kitchen (18%) to accommodate a shift away from dining out; and an office space (16%) for remote working or distance learning.
The top three reasons behind a potential move are:
"My current home is too small" (27%)
"I'm looking for different features" (27%)
"I'd rather live in a different part of town" (12%)
Remote workers are more likely to consider a move.
More than 6 in 10 (64%) of Americans who work remotely are entertaining the thought of relocating in the next 12 months. This is compared with less than a third (31%) of those who commute.
The previous survey found that nearly half (47%) of Americans are working from home, with more than a quarter (27%) of them thinking about relocating locally. The primary reason was the need for different in-home features, such as office space or a bigger kitchen.
Additionally, results from LendingTree's current survey reveal that the No. 3 home amenity or feature on Americans' wish list - due to the ongoing effects of the pandemic - is a dedicated office space. The survey showed that nearly 1 in 6 consumers favor this choice, which may serve a dual purpose of providing space for working adults and children who are learning remotely. Office space is preceded by a yard (27%) and a bigger kitchen (18%).
The COVID-19 crisis has changed living arrangements for 38% of Americans. When comparing men to women, men are more likely to report a change in their living situation than women - 47% versus 28%, respectively.
More than half (52%) of Gen Xers (age 40-54) report their living situation has changed because of the pandemic. That's compared with 49% of millennials (age 24-39) and just 10% of baby boomers (age 55-74).