8 of 10 Pandemic Relocators in Same/Better Financial Position Post-Move

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Key Highlights

  • Some 66% of relocators have same/lower housing costs
  • Some 66% say new home is same or larger size

Turns Out that Majority of Pandemic Relocators Made Right Financial Move

A recently published study by Redfin of people who relocated to different areas during the COVID pandemic indicated that they had made the “right” decision for themselves financially

Take a look at the study’s findings:

– 78% have same or more disposable income after their move

– 68% have same or lower housing costs than before their move

– 64% moved into home that same or larger size than previous      home

– 80% have no regrets about relocating

– 80% say they are happier post-move

Deeper Dive into Disposable Income Post-Move

Only 1% of relocators said they had A LOT LESS disposable income post-move

21% said they had A LITTLE LESS disposable income

32% said moving had no effect on their disposable income.

22% said they had A LITTLE More disposable income post-move.

24% said they had MUCH MORE disposable income post-move.

Deeper Dive into Same/Lower Housing Costs

With 68% of relocators indicating they had the same or lower housing costs post move…

  • 25% had significantly lower housing costs post-move
  • 20% had lower housing costs post-move
  • 24% had about the same housing costs post move
  • 9% had significantly higher housing costs post-move

27% of survey respondents indicated that their move in 2020 or their pending move in 2021 was/is motivated by affordability.  21% indicated their decision to relocate was/is based upon lower taxes.

Deeper Dive into House Size

With 64% of relocators indicating how they would compare their house size to their previous home…

  • 46% moved to larger homes
  • 36% moved to smaller homes
  • 18% moved to the same size home

Deeper Dive into “No Regrets

A whopping 80% of relocators indicated they have no regrets about moving.  The remaining 20% said…

  • 1% regret making the move
  • 13% have some regrets
  • 6% not sure whether or not they have regrets

Deeper Dive into “Feeling Happier” Post-Move

Another whopping 80% of relocators indicated they were feeling happier post-move than they were prior to making the decision to do so.  The breakdown of the “happier” relocators looked like this:

  • 55% much happier
  • 24% a bit happier
  • 13% indicated move did not affect their mood one way or the other
  • 6% a bit sadder
  • 1% much sadder post-move

According to Redfin’s lead economist Taylor Marr, “For most people, relocating to a different metro area probably wasn’t a knee-jerk reaction to the pandemic.  A lot of Americans had already been considering relocating , but they were blocked from actually making the  move because they had to stay close to their office or wanted to live near friends or their child’s school.  The pandemic and resulting work-from-home culture has removed some of those barriers, allowing many people to choose where they live based on factors like affordability, proximity to family and weather…those people are likely to be stisfied with their moves because the circumstances of the pandemic have allowed them to chase their dreams.

 

Thanks to Redfin.

 

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