Significant numbers of individuals continue to embark on relocations in the present times. If you're contemplating a move of your own, you might be pondering over the difficulties posed by housing market supplies and costs. You're likely seeking solutions to mitigate these challenges. An up-to-date study by Gravy Analytics offers valuable revelations about the locations individuals are exploring for residences and their current top priorities. This valuable data has the potential to assist you in strategizing your upcoming move.
1. People Are Moving to Cities with Lower Housing Costs
Affordability stands out as a major driving force behind the choices of prospective buyers, and this comes as no shock. Individuals are making moves towards regions where housing options are more budget-friendly. Consequently, smaller cities are experiencing growth and prosperity. Hannah Jones, an Economics Data Analyst at Realtor.com, succinctly outlines the underlying reasons.
“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 key point to consider? If you're encountering difficulties in locating a home that aligns with your budget, exploring alternative and more economically viable nearby areas could offer a potential solution.
2. People Want to Live Where They Vacation
Moreover, if you're already broadening your search area, you might discover the opportunity to consider a location that offers your preferred setting, such as a suburban area close to the beach or a charming mountain town. Statistics indicate that many homeowners are currently prioritizing these types of moves, as revealed in the Gravy Analytics report:
“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.”
Despite the current landscape of home prices and mortgage rates, there are compelling reasons why a transition like this might be within your reach. If you are presently a homeowner, the equity you'll accrue from the sale of your existing property can potentially provide the financial impetus necessary for your envisioned move and secure the down payment required for your ideal residence.
3. People Who Work Remotely Are Taking Advantage of that Flexibility
Ongoing remote work is another major factor in where people are moving. A recent report from the McKinsey Global Institute says this about recent movement patterns:
“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”
Being a remote or hybrid worker affords you the flexibility to reside in a different city, and in some cases, a different state, from your workplace. This newfound freedom allows you to give precedence to other important factors, such as proximity to family when making a home purchase.
Interestingly, the McKinsey Global Institute report highlights that among individuals who relocated during the pandemic, 55% chose to move to locations farther from their workplace. Given the ongoing popularity of remote work, it's probable that homebuyers will continue to embrace this flexibility in their future decisions.
Bottom Line
Current times witness a considerable volume of people undertaking relocations. Should you seek guidance in navigating the present challenges related to housing availability and affordability, along with expert insights to assist you in discovering your perfect home, do not hesitate to get in touch with the experienced agents at the Sycamore Team.
