Why and where are people moving today?

People are still moving around a lot. And if you’re thinking about moving, you might be thinking about the lack of homes on the market and how expensive they are and wondering what you can do to help. A new study from Gravy Analytics shows where people are looking for homes and what’s most important to them at the moment. You could use that knowledge to plan your own move.

And woman carrying a packing box into her new home

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1. People are moving to cities where rents are cheaper.

It’s not a big surprise that affordability is a big reason why people go where they do. People are moving to places where there are cheaper places to live. Because of this, small towns are doing well. Hannah Jones, an Economics Data Analyst at Realtor.com, explains why:

“Affordability is still very much front and center. A lot of what’s available is out of many buyers’ price range, so they look elsewhere for a little more bang for their buck.”

What do you think? If you can’t find a home in your price range, it might help to look at other nearby places that are cheaper.

2.People want to live in the places where they vacation

And if you’re already widening your search area, you might be able to add a place with your favorite type of vacation spot, like a suburb near the beach or a town in the mountains. Data shows that a lot of other homeowners are making moves like this a top concern right now. The same study from Gravy Analytics says,

“People are moving to places that used to be thought of as vacation spots because they can enjoy more weekend hikes in the mountains or wake up to a sunrise by a lake.”

Here’s why you might be able to do this even with today’s home prices and mortgage rates. If you already own a home, the equity you get when you sell it can help pay for your move and give you the money you need for a down payment on your dream home.

3. People who work from home use this freedom to their advantage.

Working from home full-time is another big reason why people move. The following is what a new report from the McKinsey Global Institute says about how people are moving around:

“Many of these moves happened because workers who no longer had to drive to work every day didn’t care as much about how far away they lived from the office.”

If you are a remote or hybrid worker, you don’t have to live in the same place or sometimes even the same state as your job. So, when you buy a home, you can put other things first, like being close to family.

In fact, the same McKinsey Global Institute study says that 55% of people who moved during the pandemic moved farther away from work. And since working from home is still a popular option, renters will probably keep taking advantage of this.

In conclusion

There are still a lot of people on the move today. Talk to a trusted real estate agent if you need help managing the current housing market or if you’re having trouble affording a home. They can also give you expert advice to help you find your ideal home.