Categories: US Real Estate

More people may move due to the coronavirus

The coronavirus outbreak and the resulting economic fallout is still impacting mobility, encouraging some people to seek cheaper housing while others are staying put for longer.

ApartmentList said its latest survey shows that 46% of Americans say the COVID-19 pandemic has influenced their moving plans in one way or another.

The site carried out several surveys in recent weeks, collecting 10,000 responses over the last three months. It found that renters (25%), those who live in dense urban areas (29%) and those who’ve recently been laid off (32%) are the most likely to want to move.

“Many low-income Americans will be moving out of necessity, and for them, affordable housing options will be difficult to find,” the newest survey notes.

America’s mobility rate has been declining steadily for the last 35 years, but it could pick up thanks to the coronavirus.

For example, more employers are expected to condone remote work on a permanent basis, which could untether many people and allow them to live wherever they want. And after months of sheltering in place, many urban residents are looking for more space, the survey found. Furthermore, millions of Americans who’ve lost their jobs might want to move to find a more affordable place to live.

That’s especially true for households that earn less than $50,000 a year. The majority of people in that group say they need to find either a cheaper house, or a better economic opportunity elsewhere.

Nearly 30% of respondents living in a high-density urban area say that the pandemic is prompting them to want to move by the end of the year, the survey shows. “This is more than double the rate of those living in rural parts of the country, where residents are much more likely to stay put rather than to relocate,” according to the report.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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