The latest U.S. Census Bureau data shows a decrease in the total number of moves, down from 13.2% in 2007 to 11.9% in 2008, the lowest rate since 1948. Of those moving consumers, the new Relocation.com data shows that the financial crisis has had a definite impact, with 60% more consumers now listing financial reasons as the primary reason for moving compared to last year; 41% of respondents indicated that the recession and housing crisis had a strong influence on their decision to move. Three percent of the consumers who took the survey indicated that they lost their home through foreclosure, while 13% reported that they lost their job.
The number of people who said they moved for family reasons has also risen from 18% in the 2008 survey to 28% in 2009. The numbers could reflect people moving in with family members to cut costs, a desire to be close to family members or other reasons.
“Even though a smaller total number are relocating, consumers are still on the move for jobs, better housing or family reasons,” said Sharon (Ron) Asher, chairman and founder, Relocation.com. “We are seeing more out-of-state moves from traditionally popular destinations, likely because of high foreclosure rates and diminished property values.”
A small percentage of movers were making moves for the better with five percent of those surveyed moving to a bigger, better house, while eight percent were looking for a better neighborhood to improve their lifestyle.