Many Home Buyers Look To Move Somewhere New

People tend to choose where to live based on a few basic factors. Traditionally, we want to live somewhere close to our family, our friends, and our job. But with more Americans working remotely, one of those three factors has been eliminated and it’s led to an increase in prospective home buyers who are considering moving to a new area. The trend began shortly after the coronavirus’ onset but has persisted. In fact, according to one new analysis, 31.4 percent of buyers in April and May were looking to move to a new metro. That’s up from 27 percent last year at the same time. It’s also well above pre-pandemic levels. Affordability seems to be the main motivator. Americans who work and live in areas where the cost of living is higher are looking to take their salary and move somewhere more affordable. But while the idea is a good one, it’s also a common one. And in some cases, the influx of home buyers is now threatening to drive prices higher in those once-affordable neighborhoods. (source)