COVID-19’s Impact on Housing Migration

Live Real Estate News

[wp-rss-aggregator]

According to a recent by Apartmentlist.com, experts believe that the recent arrival of the coronavirus might push not only a race for a vaccine but could also spur a rebirth in housing migration.

Apartment list conducted a survey that revealed that 17% of U.S. residents will relocate by the end of 2020. These respondents revealed their decision would come as a direct result of the pandemic. However, in direct contrast, an also substantial percentage of respondents (30%) claim that they will not be moving, but rather were resolute in staying right where they are as a direct response to the pandemic.

For those on the move, they are uprooting in search of more affordable housing options elsewhere. For those deciding not to move, they are doing so for myriad reasons, but a majority of them cannot afford to make any moves at the moment.

Among those surveyed, the demographic breakdown of those most likely to consider relocation was made up of roughly a quarter of renters, those residing in densely urban areas (29%), and those who have recently lost their jobs (32%).

Other reasons cited by those moving were wanting to live in a place with better economic opportunities (28) or they plan to work remotely (19%).

Another major factor discouraging people from moving in the current times is concern over safety, specifically in regard to their health. In fact, a substantial amount of survey respondents (37%) attribute their worry over uprooting and moving during a pandemic and the uncertainties of how that may affect their health as the main criteria for keeping to their same small corner of the world—at least for now.

Overall, the findings of this survey point to a greater number of respondents opting to stay put versus move, the health and safety concerns—so far—seeming to outweigh the economical push for relocation to better accommodate shrinking budgets.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *