Why Are So Many People Moving?

 
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More and more homebuyers are moving across the country. Here’s why.

What’s behind the increased migration of homebuyers across the country?
Since the COVID-19 pandemic began, many companies have realized they don’t need all of their employees to physically come to work, which has convinced them to either close down their offices or move their offices to less expensive states. Similarly, many employees have realized that they don’t need to live in major metropolitan cities and are now moving to the suburbs or other less expensive areas.
According to a recent poll, roughly 67% of employees across American claim they don’t have to go into work as much as usual. Those who’ve been renting in the big cities can now afford to buy a home in the suburbs, a rural area, or even another state due to the low interest rates we’re seeing. National Van Lines, Inc. recently conducted a migration survey and found that these are the top five states from which people are moving:
  1. New Jersey
  2. Illinois
  3. Connecticut
  4. Kansas
  5. Ohio

Meanwhile, these are the top five states people are moving to:
  1. Vermont
  2. Oregon
  3. Idaho
  4. Nevada
  5. Arizona

There could be a variety of reasons behind these migration patterns. Here in California, for example, we have a high tax bracket and a high income tax, so many businesses and residents are leaving. Additionally, our average home price is about $500,000, which is twice as expensive as any other state in the union. The average yearly salary needed to live in San Francisco alone is roughly $350,000.
If you’d like to talk more about what’s driving people to relocate or whether or not it’s in your best interest to do so, feel free to call or email me anytime. I’d love to help.

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