Why and Where are People Moving Today?
There are still a lot of individuals on the move these days. If you're thinking about making a move, you might be thinking about the housing market's inventory and affordability issues and wondering what you can do to help counterbalance those. Gravy Analytics has released new research that provides insight into where individuals are looking for houses and what they are prioritizing right now. That knowledge may be useful in planning your own relocation.
1. People Are Moving to Cities with Lower Housing Costs
One big factor motivating where buyers are going is affordability, and that’s no big surprise. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at Realtor.com, summarizes why:
“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”
The takeaway for you? If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.
2. People Want to Live Where They Vacation
And, if you’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today. According to the same report from Gravy Analytics:
“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once thought of as vacation spots.”
Even with today's property prices and mortgage rates, here are several reasons why such a move might be feasible for you. If you're currently a homeowner, the equity you'll gain when you sell your present home can help fund your next move and provide the down payment on your ideal home.
3. People Who Work Remotely Are Taking Advantage of that Flexibility
“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”
You don't have to live in the same city, or even the same state, if you're a remote or hybrid worker. That means you can prioritize other things when buying a home, such as living closer to loved ones.
In fact, the same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.
Many people are still on the move today. Let's contact you if you need assistance negotiating today's inventory or affordability difficulties, as well as expert guidance to help you find your ideal property.