Millions of Americans relocated this year because of the COVID-19 outbreak. In fact, according to a Pew Research Study, 1 in 5 Americans moved since March of this year, or know someone who did.
Coronavirus relocations vary by demographic characteristics. Around 1 in 10 young adults, ages 18 – 29, moved due to the coronavirus outbreak, or know someone who did. This is likely a result of the high number of job losses and college dorms closures.
By race and ethnicity, 28% of Hispanics have had one of these experiences, compared with 20% of white adults, 19% of Black adults and 24% of Asian Americans.
However, money was not the number one response when these surveyors were asked why they moved during the pandemic. 28% said they moved solely to reduce their risk of contracting the virus.
Educational attainment and income are also linked to the likelihood that a person moved because of the pandemic. 21% of respondents reported knowing someone who moved with a household income of $150,000 or higher. Also, a higher number of adults who possess a bachelor’s degree reported moving than those who do not have one, according to the study.
61% of these surveyors said they moved in with family or friends, or signed temporary leases on rental properties to wait out the pandemic. Most people who had someone relocate into their household said it was a family member who did. For 47% of Americans who had someone move in, a new arrival was an adult, child, or spouse of an adult child, and for 18% it was a parent or in-law. About a quarter (26%) say a friend moved in and 17% say a romantic partner did.
Recent Data from CNBC has proved that the market is taking a turn for the better.
Record low mortgages, combined with strong pent up demand from buyers before the pandemic and a new desire to leave urban downtowns due to the pandemic are driving buyers back to the single family home market.
Many buyers were interested in buying new homes at the beginning of Spring, but pressed paused on those plans to move in with family and friends as the pandemic progressed, as shown in the survey by Pew Research. These buyers can be presumed to begin their housing search for a more permanent residence this Summer as the virus slow.
What would have been an electric Spring market, has now turned into a potentially electric Summer market for the real estate industry, due to a high number of buyers and historically low interest rates. In fact, real estate experts believe this summer might be the best time to sell your home in years, according to Realtor.com. Check out the 6 reasons why HERE.
If you’re looking to begin your dream home search as the virus slows, call 410.465.6900 or contact us virtually today!