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Homeowners Move More Often, Study Says
The average homebuyer moves every 7 years and will own more homes than their parents. Depending on how you look at it, that transience could hamper or help the custom installation business.
Bucking the trend, my house in Sturbridge, Mass., has only had three owners in the past 45 years.
My mom still lives the house she bought in 1968. My wife's grandmother still refers to the people who live next door as "the new people" even though they have lived there more than 30 years. Meanwhile, every neighbor (mostly younger families) within five houses in either direction or across the street (except two) from my home in Redondo Beach, Calif., has "turned over" within 3 years.
A new study supports those personal reflections of homeownership showing the vast differences among different generations in how long they stay in homes.
A recent study reaffirms that homeowners are driven to "move up" to bigger and better homes more frequently. Indeed, the average homebuyer moves every 7 years and will own more homes than their parents. Depending on how you look at it, that transience could hamper or help the custom installation business.
The study commissioned by Coldwell Banker Real Estate Corporation found that Americans earning at least $75,000 are buying more houses than their parents at a comparable age, with each generation outpacing the home purchase trends of the previous generation.
According to the "Coldwell Banker 2006 Homeownership in America Study," 66 percent of survey respondents in the Silent Generation (aged 61 and up) have owned between two and five homes. Already, 66 percent of Baby Boomers (aged 42 to 60), have owned a similar two to five homes.
The younger generations surveyed are mimicking these home buying habits. About half (48 percent) of Generation X'ers (aged 32-41), and more than one third (36 percent) of Echo Boomers (aged 31 and younger), have owned between two and five homes.
Fifty-eight (58) percent of respondents have owned more homes than their parents did when their parents were at a comparable age.
What does this mean for custom? It might mean that ephemeral homebuyers will be less likely to want to include electronics in their mortgages.
On the flip side, if lifestyle needs are the driving reason for people to relocate, then buyers want to have a more comfortable, efficient and gadget-filled home. Plus, the study shows that the "do-it-yourself" trend is slowing.
The "Coldwell Banker 2006 Homeownership in America Survey" was conducted online by Harris Interactive(R) between July 19-31, 2006, surveying more than 2,500 U.S. homeowners aged 25 and over who own a home or a condominium and have a minimum household income of $75,000.
The study was conducted in conjunction with the 100th anniversary of the Coldwell Banker brand in August of 2006 to gain a deeper understanding into the behavior patterns of upper income homeowners.
The study says homebuyers do not appear to be collecting houses as a means to expand their financial portfolios by constantly moving to bigger and more expensive houses.
Instead, survey respondents indicate that they move according to lifestyle needs. In fact, only 5 percent of respondents view their current home strictly as part of their financial portfolio, compared to 67 percent of respondents who consider their home a 'home' first.
When asked if they could sell their current home and get more 'home for their money' without affecting their current lifestyle, 53 percent said they would not move or were not sure, according to Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate Corporation
The National Association of REALTORS has found that people move once every seven years on average.
When asked in the "Coldwell Banker 2006 Homeownership in America Survey" for reasons why they move, 48 percent of respondents indicated they moved because of their career, 45 percent cited a better community lifestyle and 27 percent cited a new relationship / marriage.
Of note, women are more apt to move for a relationship than men, at 53 percent as opposed to 37 percent, respectively.
Additional reasons for moving include the need to be closer to family (16 percent), a more affordable location (15 percent), birth or adoption / growing family (15 percent), more affordable housing (13 percent), warmer climate (13 percent), displeasure with the current home (12 percent) and divorce (11 percent).
Eighty-three (83) percent of married respondents, or those living with a significant other, waited until solidifying their formal relationships to purchase their first home.
The recent hike in mortgage rates is not playing a significant role in the respondents' moving process, with 67 percent indicating that the growing rates are not factors in their decision not to move.
A new study supports those personal reflections of homeownership showing the vast differences among different generations in how long they stay in homes.
A recent study reaffirms that homeowners are driven to "move up" to bigger and better homes more frequently. Indeed, the average homebuyer moves every 7 years and will own more homes than their parents. Depending on how you look at it, that transience could hamper or help the custom installation business.
The study commissioned by Coldwell Banker Real Estate Corporation found that Americans earning at least $75,000 are buying more houses than their parents at a comparable age, with each generation outpacing the home purchase trends of the previous generation.
According to the "Coldwell Banker 2006 Homeownership in America Study," 66 percent of survey respondents in the Silent Generation (aged 61 and up) have owned between two and five homes. Already, 66 percent of Baby Boomers (aged 42 to 60), have owned a similar two to five homes.
The younger generations surveyed are mimicking these home buying habits. About half (48 percent) of Generation X'ers (aged 32-41), and more than one third (36 percent) of Echo Boomers (aged 31 and younger), have owned between two and five homes.
Fifty-eight (58) percent of respondents have owned more homes than their parents did when their parents were at a comparable age.
What does this mean for custom? It might mean that ephemeral homebuyers will be less likely to want to include electronics in their mortgages.
On the flip side, if lifestyle needs are the driving reason for people to relocate, then buyers want to have a more comfortable, efficient and gadget-filled home. Plus, the study shows that the "do-it-yourself" trend is slowing.
The "Coldwell Banker 2006 Homeownership in America Survey" was conducted online by Harris Interactive(R) between July 19-31, 2006, surveying more than 2,500 U.S. homeowners aged 25 and over who own a home or a condominium and have a minimum household income of $75,000.
The study was conducted in conjunction with the 100th anniversary of the Coldwell Banker brand in August of 2006 to gain a deeper understanding into the behavior patterns of upper income homeowners.
The study says homebuyers do not appear to be collecting houses as a means to expand their financial portfolios by constantly moving to bigger and more expensive houses.
Instead, survey respondents indicate that they move according to lifestyle needs. In fact, only 5 percent of respondents view their current home strictly as part of their financial portfolio, compared to 67 percent of respondents who consider their home a 'home' first.
When asked if they could sell their current home and get more 'home for their money' without affecting their current lifestyle, 53 percent said they would not move or were not sure, according to Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate Corporation
The National Association of REALTORS has found that people move once every seven years on average.
When asked in the "Coldwell Banker 2006 Homeownership in America Survey" for reasons why they move, 48 percent of respondents indicated they moved because of their career, 45 percent cited a better community lifestyle and 27 percent cited a new relationship / marriage.
Of note, women are more apt to move for a relationship than men, at 53 percent as opposed to 37 percent, respectively.
Additional reasons for moving include the need to be closer to family (16 percent), a more affordable location (15 percent), birth or adoption / growing family (15 percent), more affordable housing (13 percent), warmer climate (13 percent), displeasure with the current home (12 percent) and divorce (11 percent).
Eighty-three (83) percent of married respondents, or those living with a significant other, waited until solidifying their formal relationships to purchase their first home.
The recent hike in mortgage rates is not playing a significant role in the respondents' moving process, with 67 percent indicating that the growing rates are not factors in their decision not to move.
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About the Author
Jason Knott, Editor, CE Pro
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. Jason graduated from the University of Southern California.
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