Relocation, Renovations, and Refinancing All Expected to Grow in 2022

According to the newest LendingTree survey, approximately 40% of Americans are considering a move in 2022. Among those responding to the survey, nearly a third said that the pandemic has changed what they are looking for in a home, as well as the location. Consumers are seeking more space to accommodate the actualities of remote work, as the global pandemic continues into another year. Other reasons for moving include having a larger outdoor space, an open concept/open-plan kitchen, and a pet-friendly space.

Among respondents, seventy-two percent of current homeowners, who are not interested in moving, indicated that they are considering renovations and upgrades to their homes that will better align with work and leisure time activities. Thirty-seven percent indicated that they were considering refinancing as part of their upgrade plans.

In remarks prepared for the release of the survey, Lending Tree Senior Economic Analyst Jacob Channel said that for those planning to move, finding a new place in the same city is the primary choice for both men and women. Those consumers moving further will likely head to warmer weather states like Texas or Florida. Only 4 in 10 Americans are thinking about moving elsewhere in the U.S. in 2022.

“Housing supply is expected to increase, putting downward pressure on home and rent growth while giving people a greater selection of housing to choose from,” Channel added. Yet, “Some might continue to postpone moving because they’re still not comfortable going out and seeing new homes.”