Where Are People Moving Today and Why?

<article class="post-773662 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-773662"><span class="entry-date">August 14, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Where Are People Moving Today and Why?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Where+Are+People+Moving+Today+and+Why%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhere-are-people-moving-today-and-why%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Where Are People Moving Today and Why? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230814-Where-are-people-moving-today-and-why.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Plenty of people are <a href="https://www.simplifyingthemarket.com/2023/07/27/homebuyers-are-still-more-active-than-usual/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">still moving</a> these days. And if you’re thinking of making a move yourself, you may be considering the <a href="https://www.simplifyingthemarket.com/2023/07/14/low-housing-inventory-is-a-sweet-spot-for-sellers-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">inventory</a> and affordability challenges in the <a href="https://www.simplifyingthemarket.com/2023/08/04/housing-market-forecast-for-the-rest-of-2023-infographic-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">housing market</a> and wondering what you can do to help offset those. A new <a href="https://474803.fs1.hubspotusercontent-na1.net/hubfs/474803/The State of U.S. Population Movement_0623.pdf" rel="noopener noreferrer" target="_blank">report</a> from <em>Gravy Analytics</em> 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.</p>
<h4><strong>1. People Are Moving to Cities with Lower Housing Costs</strong></h4>
<p><span style="color: black;">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. </span>Hannah Jones, Economics Data Analyst at <em>Realtor.com</em>, <a href="https://www.realtor.com/news/trends/affordable-what-americas-20-hottest-housing-markets-all-have-in-common-now/" rel="noopener noreferrer" target="_blank">summarizes</a> why:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>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.</p>
<h4><strong>2. People Want to Live Where They Vacation</strong></h4>
<p>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. <a href="https://474803.fs1.hubspotusercontent-na1.net/hubfs/474803/The State of U.S. Population Movement_0623.pdf" rel="noopener noreferrer" target="_blank">According</a> to the same report from<em> Gravy Analytics</em>:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>Even with today’s <a href="https://www.simplifyingthemarket.com/2023/07/17/home-prices-are-rebounding/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home prices</a> and <a href="https://www.simplifyingthemarket.com/2023/08/03/how-inflation-affects-mortgage-rates/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">mortgage rates</a>, here’s why a move like this could be possible for you. If you’re already a homeowner, the <a href="https://www.simplifyingthemarket.com/2023/08/07/four-ways-you-can-use-your-home-equity/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">equity</a> 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.</p>
<h4><strong>3. People Who Work Remotely Are Taking Advantage of that Flexibility </strong></h4>
<p>Ongoing <a href="https://www.simplifyingthemarket.com/2023/07/13/how-remote-work-expands-your-homebuying-horizons/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">remote work</a> is another major factor in where people are moving. A recent <a href="https://www.mckinsey.com/mgi/our-research/empty-spaces-and-hybrid-places-chapter-1" rel="noopener noreferrer" target="_blank">report</a> from the <em>McKinsey Global Institute</em> says this about recent movement patterns:</p>
<blockquote><p><em>“Many of these moves happened because </em><strong><em>employees untethered from their daily commutes began to care less about how far they lived from the office</em></strong><em>.”</em></p></blockquote>
<p>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.</p>
<p><span style="color: black;">In fact, the same </span><em style="color: black;">McKinsey Global Institute</em><span style="color: black;"> report </span><a href="https://www.mckinsey.com/mgi/our-research/empty-spaces-and-hybrid-places-chapter-1" rel="noopener noreferrer" target="_blank">notes</a><span style="color: black;"> for people who moved during the pandemic, </span><strong style="color: black;">55% reported moving farther from the office</strong><span style="color: black;">. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.</span></p>
<h3>Bottom Line</h3>
<p>Lots of people are still <a href="https://www.simplifyingthemarket.com/2023/07/26/tips-for-making-your-best-offer-on-a-home/" rel="noopener noreferrer" target="_blank">moving</a> today. If you want help navigating today’s inventory or affordability challenges, and expert advice to <a href="https://www.simplifyingthemarket.com/2023/08/02/how-to-know-if-youre-ready-to-buy-a-home/" rel="noopener noreferrer" target="_blank">help</a> you find your ideal home, connect with a trusted real estate agent.</p>
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