Plenty of people are still moving these days. And if you are thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market. You may be wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they are prioritizing most right now. That information could help you plan your own move.
1. People Are Moving to Cities with Lower Housing Costs
One big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. The takeaway for you? If you are having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.
2. People Want to Live Where They Vacation
And, if you are already expanding your search radius, you may be able to include a location that features your favorite type of destrination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today.
Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you are already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you would need for your dream home.
3. People Who Work Remotely Are Taking Advantage of that Flexibility
Ongoing remote work is another major factor in where people are moving. A recent report from the McKinsey Global Institute says this about recent movement patterns:
“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”
If you are a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.
In fact, the same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.
Bottom Line
Lots of people are still moving today. If you want help navigating today’s inventory or affordability challenges, I can give you advice to help you find your ideal home.
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