Blog > Where Are People Moving Today and Why?
Relocations are ongoing in today's real estate landscape. If you're considering a move, you're likely aware of the housing market's inventory and affordability obstacles. A fresh report by Gravy Analytics sheds light on home search trends and top priorities. Here's how it could impact your plans:
- Affordable Cities Gain Momentum: Affordability remains a key driver in choosing a new location. Many are opting for places with more budget-friendly housing options. This has led to a surge in smaller cities. Hannah Jones, Economics Data Analyst at Realtor.com, explains:
"Affordability is still a focal point... with many available homes falling outside potential buyers' price range. As a result, they're exploring areas that offer more value for their money." If budget constraints are a concern, consider looking into neighboring, more affordable areas.
- Vacation-Inspired Living: Expanding your search might lead you to locations that echo your favorite getaways, like coastal suburbs or mountain towns. Gravy Analytics' report notes a growing trend:
"People are moving to places once reserved for vacations, enticed by the prospect of enjoying recreational activities or scenic views." Even with today's home prices and mortgage rates, this transition is possible. If you're already a homeowner, selling your current property could provide the funds for your dream home's down payment.
- Remote Work Flexibility's Impact: The freedom of remote work has a significant influence on people's choices. A recent McKinsey Global Institute report reveals:
"Relocations increased due to the freedom from daily commutes, reducing the importance of living near the office." If you're a remote or hybrid worker, you can prioritize factors beyond proximity to your workplace, like being closer to family or a desired lifestyle.
Notably, 55% of pandemic-driven moves were away from the office, as reported by McKinsey. With remote work still popular, this trend is likely to continue.
In Summary: The Pulse of Change
The momentum of relocations persists today. If you're navigating the challenges of inventory and affordability, or seeking expert guidance in finding your perfect home, let's connect. With insights into these shifting trends, together, we can make informed decisions for your ideal home.