CHARLOTTE METRO REAL ESTATE TRENDS AND STATS Survey Shows Consumers Moving Further Due to Economy
May 6th, 2009 4:34 PM
ISMEDIA, May 6, 2009-Just as the Great Depression contributed to large-scale migrations from certain parts of the U.S., the current recession could be having a similar, historic effect, a new survey from, one of the leading online consumer resources for moving services, suggests. Data from showed that consumers are moving longer distances and making more out-of-state moves compared to a year ago, mainly due to economic factors like a lost job. The percentage of consumers who moved more than 1,000 miles for their move nearly doubled compared to a year ago - 70% of survey respondents said they moved 1,000 miles or more, compared to 36% in a similar study conducted in early 2008.

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 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, “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.

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Posted by Philip Jernigan on May 6th, 2009 4:34 PMPost a Comment

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