Did you know many people are actually considering moving their established residences as a result of Corona Virus? According to a Harris Poll, nearly a third of Americans are considering moving to a less populated area. Many people are hypothesizing that these trends will have a large impact on residential real estate and home prices in the near future. This is our first piece of content in a short series of blogs, focused on providing you the information needed to understand and adapt to these new trends.
In light of the recent pandemic, many trends and businesses have seen a shift. Consumer behavior, essential businesses, and work from home have changed. We are seeing some pretty striking progression.
- 39% of urban dwellers said the COVID-19 crisis has prompted them to consider leaving for a less crowded place.
- 77% of rural residents reported they are very or somewhat concerned about themselves or a loved one being exposed to COVID-19
- 18 to 34-year-olds were the most willing the pickup and move.
We are seeing city growth slow, remote work is becoming normalized and people are spreading out more than before.
USA Today interviewed a father who currently lives in New York. He said, his family is looking into moving options to get out of the city. He noted that, he normally does work from home, but in light of the pandemic is searching for options that would make his family happier and healthier.
It’s no surprise that areas dense with population saw the largest spike in COVID-19 cases. It’s not yet clear how this pandemic will shift our economy and living situations, but it is interesting to see the current trends. Contrary to the movement we are presently seeing, people tend to stay put in an economic downturn, so a recession could discourage people from picking up and moving. With many cities opening back up and more and more individuals returning to work, it’s only a matter of time before we will see further developments.
Wanting more research on this topic? Checkout these recently published articles;