Driven by a plethora of job opportunities, remote work and other lifestyle changes in the last two years, more millennials are moving. According to the State of Homeownership Report released by Matic, an insurance technology platform, 33 percent of homeowners under the age of 30 say they plan to sell their homes within the next 18 months. This is in comparison to just 13 percent of those over the age of 60.
Homeowners under thirty years old are the most likely age group to relocate to a new city or state over the next year and a half.
Younger homeowners also report they are more likely to consider alternative housing styles in the future. Approximately 16 percent of overall respondents say they would consider living in a tiny home, van or RV.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
