Pew Research has found that as of early June, 3% of Americans have moved either temporarily or permanently since the COVID-19 outbreak. 6% said someone moved into their household because of it. 14% of those who did not personally experience relocation say they know someone else who had moved; and it may be that peer influence will prompt some of the 14% to make a change themselves, especially if they are young adults.
In fact, three times as many young adults (18-29) as the general population moved themselves during this time. They are also more likely to have had someone move into their household. Asian and Hispanic are the most likely group to have made this move already, as well as those with more education and higher incomes. 21% of adults with annual household incomes of $150,000 or more say they know someone who moved, and 19% of people with at least a Bachelor degrees say they know someone who moved, about double the share of those with a high school education or less (9%) who say so.
Key drivers may include being able to work from home, loss of job or reduction of income and the unavailability of urban conveniences like indoor dining, bars, shopping and transit. Some explanation are that some people are moving back home with their parents to save money, to be with family during these stressful times and/or to take care of the elderly. Other people may be taking on or moving in with roommates to alleviate social isolation and/or save on rent. Others are taking refuge in their second home or renting in less crowded areas. We are certainly seeing all of these scenarios happening to people we know first-hand. We are also helping many people taking advantage of the historically low mortgage interest rates to buy their first home or move-up to another home that may be larger or in a less dense area. If you’re considering selling and/or buying, please contact us today!