Throughout the past year, Americans have begun to rethink what they want in a home now that they are flexible enough to work remotely. One of the main reasons for relocating was their desire for more space. Nearly 6 out of 10 pandemic homebuyers relocated to a less populated city in the same state, according to a survey released by Knock, a real estate technology company.
In a survey of more than 2000 homeowners, younger generations were shown to be more likely to move during the pandemic. Millennials and Gen Z made up 58% of the homeowners who moved -- a trend that is expected to continue even after the pandemic. However, most did not relocate across the country but opted for a less populated suburban or rural area in their existing state.
Knock co-founder and CEO, Sean Black, said, “Almost overnight, our homes took on a whole new meaning. In addition to where we live, they became where we work, go to school, work out and everything in between. It prompted us to re-evaluate what we want and need our home to be.”
Nearly three-quarters (72%) of homebuyers moved to a new area, and 59% moved to a different city in the same state. Nearly 4 in every 10 homebuyers (39%) moved to a town with fewer than 10,000 people.
Southerners led the nation in pandemic home buying. During the pandemic, 51% of homebuyers came from southern states, compared to 38% in other years. Nearly 1 in 5 pandemic homebuyers live in either the Midwest (19%) or West (19%), and 1 in 10 live in the Northeast (11%).
Prior to the pandemic, less than half (54%) reported moving to a new area, and 41% reported moving to a different city within the same state. Only 29% of people who purchased a home before the pandemic live in an area with less than 10,000 people.
What these homebuyers desire is a larger home (40%), quiet neighborhood (39%) and outdoor space (37%). Nearly one-quarter (24%) of homeowners plan to move within the next year, and nearly half of them (49%) are millennials or Gen Z.
“Although the pandemic may have ignited this trend, it's not likely to subside anytime soon. People are placing a higher value on where they live, and for many, it means putting where they live ahead of being close to the office, especially now that so many have the ability to work remotely, at least part of the time. It also could mean we will see people moving more often, especially as technology helps to simplify the process of buying and selling homes,” Black added.
Read more about why pandemic homebuyers chose to move to a home within the same state.
