Here's why 26% of Americans are considering moving because of COVID-19

Here's why 26% of Americans are considering moving because of COVID-19

Wed, Mar 17, 2021 8:48 PM

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Coronavirus has impacted housing plans in both the short and long term. Although the coronavirus pandemic has undoubtedly impacted the lives of most Americans in recent months, a new study reveals one way COVID-19 is impacting long-term planning.

According to a FinanceBuzz poll, 26 percent of Americans are considering relocating indefinitely as a result of the coronavirus. Here's a glance at how the outbreak has affected housing trends in the short and long term, from home purchasing to renting to temporary moves back home with parents.

Potential renters and homebuyers are holding off making decisions.

1,500 Americans aged 18 and up conducted on May 13, 2020, three out of four prospective home buyers and renters agreed to postpone their planned moves between March and June 2020. In the short term, the coronavirus hindered preparations for long-term relocation. Although 58 percent of those polled say they plan to move at some point, 17 percent have absolutely canceled their plans.

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What is the most popular explanation for delayed relocations? The reluctance to tour new locations in person and stay-at-home orders were cited by the majority of respondents. Furthermore, 25% of respondents reported that they are waiting for the market to change.

how long do you think the home-buying hold-ups will last? More than 60% of those interviewed said they wouldn't feel at ease purchasing a new home until 2021.

Many of them returned to live with their parents.

During the pandemic, 26% of Gen Zers and 9% of Millennials have temporarily moved back in with their parents, according to those polled. It's no surprise that Gen Zers are returning home, particularly because most colleges closed their doors this spring. More than 35% of those who had returned home with their parents said they weren't sure when they would return to their primary residences when polled in mid-May.

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26% are considering relocating permanently.

Finances are one big factor affecting housing plans, as millions of Americans have lost their jobs or been furloughed in recent months. The top two driving factors for the 26% who plan to relocate permanently were "lower cost of living" (41%) and "to be in a less populated area" (29%) respectively. Many city dwellers want to move to the spacious and generally more accessible suburbs after months of being cooped up in city apartments. Furthermore, as many businesses move to remote work, those who previously worked in cities are now able to relocate without having to commute for long periods of time.

As states reopen, allowing for house tours, but with a coronavirus vaccination still months away, anticipated moves to the suburban may occur quicker than anticipated.

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