Where Are People Moving Today and Why?
Many people are still on the move today. And if you're planning to relocate, you might want to consider housing and affordability issues and consider how to offset them. A new report from Gravy Analytics provides insight into where people are looking for housing and what's most important to them. This information can help you plan your move.
1. People Are Moving to Cities with Lower Housing Costs
One significant motivating factor for buyers is affordability, and that's no big surprise. People are moving to areas with more affordable living options. As a result, small towns are thriving. Take for yourself? If you're having trouble finding a home that fits your budget, it can help to browse other more affordable places nearby.
2. People Want to Live Where They Vacation
And if you're already expanding your search radius, you can add a location that includes your favorite destinations, like a seaside suburb or a mountain town. Data shows that many other homeowners are making these types of changes a priority today. Even with today's home prices and mortgage rates, such a move may be possible for you. If you're already a homeowner, equity from the sale of your current home can help you move and give you the down payment you need for your dream home.
3. People Who Work Remotely Are Taking Advantage of that Flexibility
Continuous telecommuting is another critical factor in the movement of people. If you're a remote or hybrid worker, you don't have to live in the same city or sometimes even the same state as your workplace. This means you can prioritize other things when buying a home, like being closer to loved ones. The same McKinsey Global Institute report notes that 55% of people who moved during the pandemic reported leaving the office. And with telecommuting being a popular option today, homebuyers will likely continue taking advantage of this flexibility.
Many people are still on the move today. If you want help with today's inventory or affordability challenges and an expert to find your ideal home, get in touch.