It’s not just massive college debt and current market conditions keeping millennials out of buying new homes.
A new study from home maintenance and renovation platform Porch actually found the top reasons millennials aren’t relocating from current homes – during a period when moving rates are at an all-time low – is simply that they like their current home and location.
The study found that, for millennials, favoring a current home, location and neighborhood, as well as child raising considerations are the top four reasons millennials aren’t moving. Cost of living landed in fifth place, with only 8 percent of millennials opting to stay put for that reason.
But while the survey found that most millennials aren’t in any rush to move into a new home, a majority of respondents overall indicated that they expected to move in the near future. In total, only 18 percent of the more than 1,000 survey respondents – who ranged in age from 18 to 81 – said they didn’t see themselves moving within the next 10 years.
“The primary reason people move is to get more space,” the study reads. “Over one in four respondents were prompted by the desire for a larger home. Millennials were particularly keen on bigger homes.”
Millennials, according to the study, were 27 percent more likely than those in generation X and 77 percent more likely than baby boomers to move because they wanted a bigger home.
The study also broke down unique neighborhood turnoffs by generation and found that millennials are most turned off by lawn ornaments, loud paint colors, multiple foreclosures in the area, vacant homes and noise pollution.