Trulia: Americans on the hunt for larger homes
Posted on Friday, March 6, 2015 at 8:02:03 AM
Sometimes, the best home isn't the biggest. However, this hasn't stopped a significant percentage of the American population from wanting to move up to the next big thing, according to research from Trulia.
The real estate site reported that 43 percent of adults want a larger home than the one they live in now. That preference does change based on age, though. A smaller gap exists between baby boomers who want to upgrade instead of downgrade, while that gap is wider among millennials.
When it comes to Generation Y, roughly 60 percent of the millennials polled by Trulia want to move into a larger home. Only 13 percent wanted to downsize. For Gen. X, nearly half - 48 percent - want to move into a larger home, while only 14 percent want a smaller one.
Overall, it appears that baby boomers are the generation that is living in homes closest to their ideal size. Millennials, on the other hand, are furthest away. At the moment, many Americans are actually on the move, with the National Association of Realtors reporting that pending-home sales increased 8.4 percent from January 2014 to January 2015.
Housing market conditions, including low residential financing rates, are encouraging more buyers to look into a move in the near future.