U.S. Consumer Moving / Relocation: Attitudes and Behaviors Monthly Web Survey March 2009

Background

• Relocation.com authorized a series of monthly surveys to provide ongoing market intelligence regarding U.S. Consumer Moving and Relocation attitudes and behaviors in order to identify and track important trends in moving behavior as well as identify emerging societal and economic issues affecting consumers’ decisions to move and relocate
  
• E-mail invitations to take the survey were sent to approximately 30,000 Relocation subscribers (i.e., consumers who signed up to receive more information from Relocation.com)
  
  
• This initial survey was focused on identifying current reasons for moving as well as assessing the impact of the present economic recession and housing crisis on consumers’ decisions to move. The survey was limited to five questions and the average time to complete survey was less than three minutes.
  
  
• The final sample size, aggregated from the three sources of survey data, resulted in an average error tolerance for the survey results that is no greater than +/- 5% at the 95% confidence level.
  
  

When Are You Moving?

When Are You Planning to Move?

Why Are You Moving?

Primary Reason for Moving

Reasons for Moving Comparison

Consumers now list Financial reasons (especially negative factors such as job loss, lowering house payments/rent and/or foreclosure) higher (30% vs 20%) than they did in 2008, a 50% increase

Effects of Prevailing Economic Conditions

Effect of Prevailing Economic Conditions on Moving Decision

Over 40% of these consumers made a moving decision primarily based on prevailing economic conditions

About one third or 32% indicated that economic conditions were not an important influencer on their moving decision

How Far Are You Moving?

How Far Away From Present Residence Are You Moving or Planning to Move?

This data suggests that at least 69% (possibly even 80%) of these consumers are moving out of current state to a new state

Moving Distance Comparisons

Consumers are moving further away from their current residences in 2009 than they were last year (2008)

60% are now moving 1,000 miles or more whereas last year only 36% were moving that far, a 67% increase.

Where Are You Moving?

Destination State and City

The Top 4 Destination States based on the percent mention by this sample of consumers are:

Based on consumer surveys conducted within the past 3 years, the proportion of consumers moving to Texas has not changed substantially however California’s percent is lower than it has been.

Past surveys as well as comprehensive analyses of consumer information from the Relocation.com website have shown that between 11 and 13% of all consumers listed California as their destination state.

The proportion of consumers choosing to move to Florida, however, has increased dramatically in the same time period, rising 62% ( from 8% of all moving destinations to 13% in this survey).

The Top 4 Cities based on percent mentioned by name are:

Destination State Comparisons Top 5 States by % Mention

Florida’s proportion as a Destination State has increased over 60% in one year while California’s proportion has declined by 18%

Executive Summary

• Based on these results, it appears that the economic recession has had a marked effect on U.S. moving and relocation behaviors.
  
  
• 60% more consumers are now listing Financial reasons as the primary reason for moving while 41% indicated that the recession and housing crisis had a strong influence on their decision to move.
  
  
• 3% of the consumers who took the survey indicated that they lost their home through foreclosure while 13% reported that they lost their job.
  
  
• Similarly13% indicated that they were moving to lower their house payment or rent as well as their overall cost of living.
  
  
• However, the economic crisis is obviously not affecting everyone who moves in the Spring of 2009--- 32% of the sample indicated that the recession and housing crisis were not factors in their decision to move.
  
  
• In fact, 5% of these consumers were moving to a bigger, better house while 8% were looking for a better neighborhood to improve their lifestyle.
  
  
• Finally, consumers this Spring are moving much farther away from their current residence and making more out-of-state moves than they reported last year with Florida and Texas now the Top 2 destination states.
  
  
• California, however, is mentioned less than in the past. These results may have something to do with overall economic conditions, especially the high foreclosure rates and property value losses that have occurred in California in particular.