Americans are on the move according to a recent survey done by Furniture Today and Apartment Therapy. Nearly 60% of Millenials and 40% of both Generation X and Baby Boomers plan on moving in the next three years. In fact, nearly a quarter of all Millennials plan on moving in the next year. While 27% of the people planning to move would like to move out of state, not everyone is looking for a change of scenery. 83% of city dwellers plan on staying in the city, while 66% of suburbanites plan on staying in the burbs. The real change comes from people living in rural settings, only 52% of them wish to remain in the countryside, while 28% of them want to move into a city, and the remaining 20% wish to move to the suburbs.
For the most part Americans want to live in houses. Nine out of ten Millennials say their next home will be a house. This number drops to eight out of ten for Generation X and six out of ten for Baby Boomers whose next move will put them in a house. Condos are the next most popular place to live. While only 3% of Millennials wish to live in a condo, 10% of Generation X and 26% of Baby Boomers say their next home will be a condo. Apartments are not very popular right now, only 5% of Millennials want to move to an apartment, and this number drops to 4% for Generation X and 2% for Baby Boomers. In fact four out of ten renters plan to own their next home, and a third of apartment dwellers plan on moving into a house next.
When it comes to the size of a home, about half of all Americans plan on moving into similarly sized home as their current home. Almost half of all Millennials are looking to upsize, with about a third of Generation X and a fifth of Baby Boomers looking to upsize as well. For those looking to upsize into a larger home, they are looking for another 550 square feet on average. Not too many Americans are looking to downsize, but it should come as no surprise that downsizing is most popular with Baby Boomers, just over a third of them would like a smaller home.
With all of these people on the move it means that there will be plenty of opportunity for the furniture and housewares industries to cash in on these movers. If you are a manufacturer or importer it is important that you are prepared to serve these growing numbers of transient Americans. Let DSA Factors help you by factoring your accounts receivable and giving you the cash flow you need to grow your business. Call us today at 773-248-9000 to find out how DSA can help your business grow.