Nearly half of people considering moving cite political climate as reason | FOX 9 Minneapolis-St. Paul

Nearly half of people considering moving cite political climate as reason

Penske moving truck parked in driveway of home, Palm Beach Gardens, Florida. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)

While most Americans are planning to stay put in 2025, there is a good portion of the population who plan to move, and it’s not just because they’ve outgrown their current home, according to a LendingTree survey. 

Of the 40% of people who hoped to move this year, nearly 50% cited the current political climate as a factor which pushed them to make the decision to move. 

Looking for a good match

By the numbers:

Forty-three percent of the Americans who wanted to move said they wanted to live in a place that more closely matched their political ideals and values. 

Forty-one percent of would-be movers also cited the latest presidential election as one of the reasons why they will likely move. 

These are the percentages of people who were inspired to move because of the presidential election based on political party: 

  • Democrats: 48%
  • Republicans: 42%
  • Independents: 32%

RELATED: The best markets for 1st-time homebuyers in 2025

Other reasons to move

Dig deeper:

Some other factors that are prompting people to think about moving include:

  • Current home is too small: 26%
  • To an area with a lower cost of living: 23%
  • Move closer to loved ones: 22%
  • Fulfill dream of homeownership: 20%
  • Current home is too expensive: 20%
  • A new job: 18%
  • To an area with less crime: 18%
  • Looking for different/new features (i.e., bigger yard, kitchen, office space): 18%
  • Rather live in a different city/state: 10%
  • Move in with partner/spouse: 8%
  • Now work remotely and no longer have to stay in my current location: 8%
  • Other reason: 6%
  • Better school district: 3%
  • Want to be in a more Democratic state: 2%
  • Want to be in a more Republican state: 2%

Mortgage rates increase

The average rate on a 30-year mortgage in the U.S. increased this week to slightly above 7%. It’s the highest level in eight months. 

A year ago, it averaged 6.6% and it’s been rising for five straight weeks. 

Big picture view:

The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on the U.S. 10-year Treasury. 

The elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers, prolonging a national home sales slump that began in 2022. 

Interest rates have been climbing since the Federal Reserve signaled in December 2024 that it expected to lower its benchmark rate just twice this year, down from the four cuts it forecast in September 2024. 

The Fed plans to stop rate cuts because inflation remains stubbornly above the central bank’s 2% target, even though it’s fallen from its mid-2022 peak.

What they're saying:

Economists worry that President-elect Donald Trump’s economic policies, notably his plan to vastly increase tariffs on imports, could fuel inflation.

Several economists predict the average rate on a 30-year mortgage will remain above 6% this year, with some including an upper range as high as 6.8%.

The Source: Information for this article was gathered from The Associated Press, previous reporting from LiveNOW from FOX and a LendingTree survey. This story was reported from Los Angeles. 

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