Remember all those people who moved during the early days of the COVID pandemic? News sites were filled with headlines of people moving from urban apartments to the suburbs. Others reported on renters finally making the move to homeownership in a bid for more space during the days when businesses were shut down and concerts and sporting events canceled.
Turns out, many of those who moved during the pandemic regret it.
A new study from All Star Home reports that one in five Americans who moved in the last three years regrets moving to a new residence or city. And many of them are already considering moving back to their former cities or neighborhoods.
That’s a lot of regrets because so many people moved during the last three years. According to All Star Home, a whopping 36% of Americans have moved during the last three years.
All Star Home surveyed 1,000 homeowners in August of 2023 about their moving habits and regrets. Survey respondents were 50% male, 49% female and 1% non-binary. Respondents ranged in age from 18 to 85, with an average age of 45.
What regrets have come with these moves? All Star Home says that nearly one out of every four people who moved to a new home since 2020 said they regret how much they paid for their new residence. They also said that they have buyers’ remorse when it comes to their new home.
Those with regrets say they are most upset about the unexpected costs of their move. Others say that they miss their old neighborhood or city or miss their old home.
Back to those unexpected costs. According to All Star Home, Americans who moved since 2020 spent an average of $4,000 on unexpected costs while making their move.
A total of 12% of the survey’s respondents said that they regret their move because of the new interest rate attached to their mortgage loan. According to All Star Home, 14% of the people who moved during the last three years have a mortgage interest rate near 7%, 17% havce a 5% mortgage interest rate and 31% have an interest rate of 6%.
The survey also found that one in five survey respondents who regretted moving said that moving wasn’t worth the hassle, while one in three said they would consider moving back to their former city or state.
But what about those Americans who haven’t moved in the last three years? A total of 31% of respondents said they haven’t moved because they feel trapped in their current living situation because of high interest rates, while 79% said that they believe buying a home is significantly more difficult in 2023 than it has been in previous years.
Despite these hurdles, one in three survey respondents said that they plan on moving in the next three years.
Why do people want to move? According to All Star Home, the top reason is the desire for a new home. Rounding out the top reasons: Respondents wanted to move to a new city or town, wanted to move to a new state or wanted to move to live somewhere more affordable.