Study: Huge number of homeowners stuck; can't move because of high mortgage rates, housing shortage

There is a growing sense of urgency, with nearly half (47%) of homeowners saying they want to move within the next 12 months,Photo byRichard HorneonUnsplash

A new study released today by Point, a leading home equity investment platform, reveals that a significant number of homeowners who planned to move this year are now stuck in place due to soaring home prices, elevated mortgage rates, and a shortage of available housing. According to the study, 55% of homeowners with plans to move in 2024 have been unable to do so, leading to widespread frustration and uncertainty.

The study also found that the desire to move has surged dramatically over the past year. Currently, 72% of homeowners express a wish to relocate at some point, up from just 35% a year ago. There is a growing sense of urgency, with nearly half (47%) of homeowners saying they want to move within the next 12 months, compared to only 25% who expressed the same intent last summer.

“Our research shows that homeowners want to change their living arrangements but are unable to do so due to the current housing economy,” said Eddie Lim, co-founder and CEO of Point. “Where we reside is such a huge part of our lives, leaving those who want to move in an incredibly frustrating situation, especially when there seems to be no end in sight.”