Where Are People Moving Today and Why?

Where Are People Moving Today and Why?




Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and 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’re 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. Hannah Jones, Economics Data Analyst at Realtor.comsummarizes why:

“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”

The takeaway for you? If you’re 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’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today. According to the same report from Gravy Analytics:

“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once thought of as vacation spots.”

Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you’re 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’d 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’re 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, and expert advice to help you find your ideal home, let's connect. Call The Patrick Team 248.755.3545 or email at [email protected] for a FREE MARKET ANALYSIS on your home. See how much equity you have! 

15 Properties
Page 1 of 2
$1,800 / month
Neighborhood: Trumbull Boulevard
3
Beds
2
Baths
3,918
Sq.Ft.
1926
Year Built
2
Days on Site
20240023824
MLS
$350,000
Neighborhood: John R Hitchmans Gardens
3
Beds
2F11/2
Baths
1,771
Sq.Ft.
2021
Year Built
9
Days on Site
20240022109
MLS
$217,999
Neighborhood: Meadowood
3
Beds
1F11/2
Baths
1,008
Sq.Ft.
1950
Year Built
9
Days on Site
20240022242
MLS
4
Beds
1F11/2
Baths
1,688
Sq.Ft.
1860
Year Built
15
Days on Site
20240004676
MLS
$95,000
Neighborhood: Marwood Heights (Plats)
3
Beds
1
Baths
1,080
Sq.Ft.
1951
Year Built
15
Days on Site
20240020609
MLS
$115,000
Neighborhood: Schoolcraft Sub No 2(Plats)
3
Beds
1
Baths
1,486
Sq.Ft.
1928
Year Built
19
Days on Site
20240019905
MLS
4
Beds
3F11/2
Baths
2,450
Sq.Ft.
1998
Year Built
28
Days on Site
20240017345
MLS
1
Beds
1F11/2
Baths
7,600
Sq.Ft.
1979
Year Built
49
Days on Site
20240012313
MLS
7,600
Sq.Ft.
53
Days on Site
20240011369
MLS
39.48
Acres
56
Days on Site
20230058691
MLS
$20,000
Neighborhood: Elm Park Sub
0.12
Acres
56
Days on Site
20230104595
MLS
$750
Neighborhood: Arthur J Robertsons Add
3,234
Sq.Ft.
56
Days on Site
20230101604
MLS

Post a Comment