Where Are People Moving Today and Why?
A large number of people are still moving in the current housing market. Are you thinking of making a move yourself? If this is the case, you may be considering the inventory and affordability challenges in the Kansas City housing market and wondering how you can help counteract those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they prioritize most. This information is beneficial as you plan your move.
People Are Moving to Cities with Lower Housing Costs
Unsurprisingly, affordability is one significant factor motivating where buyers are moving. There is a higher relocation rate to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at Realtor.com, summarizes 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.”
What does this mean for you? If you’re having trouble finding a home that fits your budget, it may help to expand your search to other, more affordable locations nearby.
People Want to Live Where They Vacation
If you’re already expanding your search radius, why not include a location with your favorite destination type? There are plenty of suburbs near the beach or mountains. Data confirms that many other homeowners are prioritizing this type of move. 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.”
If you’re already a homeowner, a move like this could be possible even with today’s home prices and mortgage rates. The equity from selling your current house can help fuel your move and serve as the down payment for your dream home.
People Who Work Remotely Are Taking Advantage of that Flexibility
Another major factor in where people are moving is ongoing remote work. A recent report from the McKinsey Global Institute says this about current 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.”
Are you a remote or hybrid worker? You don’t have to live in the same city, or sometimes even the same state, as your job. When looking at where to move, you can prioritize other things, such as being closer to loved ones.
The same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. Since remote work is still popular, homebuyers will likely continue to take advantage of that flexibility.
There is still a high number of people moving within the current Kansas City housing market. The Just Say Home KC Team has the expertise to help you navigate today’s inventory and affordability challenges to find your ideal home!