Homeowners Move More Often, Study Says

The survey also found that a full 81 percent of respondents do not live in the same town in which they were raised, and 52 percent live more than 200 miles away from that town. However, more than half of the respondents (56 percent) still live in the same state in which they were raised.

When asked to define the areas in which they grew up in comparison to the areas to which they moved, two-thirds of respondents moved to a location either equal to or with a higher urban density (57 percent), moving from city to city, suburb to suburb or suburb to city.

In terms of the homes most recently purchased, the results suggest that the "do-it-yourself" trend of the past several years is beginning to cool down, at least among higher-income homeowners.

A full 68 percent of respondents indicated that the last home they purchased was a brand new house requiring no additional work, or an existing home needing very little renovation.

A majority of the respondents indicated that they paid for the down payments on their first homes with personal savings (59 percent), followed by financial assistance from parents (17 percent), then by taking advantage of a "no-money down" mortgage (16 percent).

When it came time to purchase a second home, 64 percent of respondents used money from the sale of their previous home for the down payment, with 35 percent using their personal savings for that purpose.

The survey results imply that the respondents feel financially secure relative to the cost of housing. A stunning 81 percent of respondents do not consider themselves "house poor," with 59 percent of those surveyed indicating that they pay 30 percent or less of their net income towards their monthly mortgages.

However, while the survey's respondents display financial savvy in terms of real estate, that fiscal sophistication appears to be more rooted in the present for the younger generations surveyed.

Sixty (60) percent of Baby Boomers said they would bequeath their home to their children or another relative. However, only 10 percent of those younger respondents (aged 41 or less) expecting the home said they are factoring those proceeds into their retirement planning.

While marriage or the establishment of a permanent relationship drives entry into homeownership, other life events play a role in the evolution of homeownership. As Americans age, they have more opportunity to own a second home.

The study revealed that respondents in the Baby Boomer and older age groups are 70 percent more likely to own a second home or vacation home than the younger generations.

Homebuyers are also taking aging needs into consideration when they think about homes. Nearly one-third (28 percent) of respondents aged 42 and older said they prefer ranch (one story).

When considering late life living arrangements that may include living alone, 48 percent of respondents aged 61 plus who indicated a preference said that they would rather remain in their current residence. Thirty-four (34) percent would prefer to move into a smaller residence or a condominium on their own.

Sixty-three percent of our respondents indicate that over the past three years they have not taken equity out of their homes, and 77 percent do not expect to in the coming years.

While they may need to pack up and move according to job, relationship or lifestyle needs, at the end of the day, Americans still consider a house a home.