Where Are People Moving To Today And Why?
Many families and individuals across the country are moving into new homes. If you are considering moving, you may be concerned about the current inventory and affordability challenges the housing market is facing and are wondering if there’s anything you can do to offset those costs. A recent report from Gravy Analytics provides insight into where people are moving to and what their priorities are. Knowing what other people are doing can help you plan your own move.
Cities With Lower Housing Costs
It should come as no surprise that people are prioritizing affordability over other factors. Many people are choosing to move to cities and towns that have lower housing costs than other, surrounding areas. Due to this, small towns and cities are thriving. Hannah Jones, an Economics Data Analyst at Realtor.com, explains that:
“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.”
So if you are having trouble finding a new home that fits your budget, consider browsing in other, more affordable areas nearby.
Locations For Vacations
While many Americans are prioritizing on affordably, others are prioritizing location and the lifestyle associated with that area. Studies are showing that homeowners are increasingly moving to areas near beaches or mountains. 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.”
So even with today’s high home prices and mortgage rates, a move to a more desirable location can still be possible. If you are currently a homeowner, the equity you’ll get when you sell your current house can help you afford that move and give you the down payment needed for your dream home.
Remote Work And Flexibility
If you are able to work remotely, then you have a lot more options when it comes to searching for a new home. You have more flexibility when it comes to location, as you don’t need to live in the same city, or even the same state, as your job. A report from the McKinsey Global Institute highlights these recent moving patterns by saying:
“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”
The same report also notes that for people who moved during the pandemic, 55% moved further away from the office.
What this means is that if you work remotely, you can prioritize your wants and needs while still being able to work your normal job. If you want to be closer to family or move to a more desirable location, you have those options available to you.
Additional Professional Advice
If you are moving to be closer to family or to be nearby a beautiful beach, then contact award-winning real estate professional Dianne Anderson today. She can help you find a dream home you can afford in Southwest Florida.