Pandemic Has Not Facilitated Cross-Country Migration, According to Knock Survey
“Almost overnight, our homes took on a whole new meaning. In addition to where we live, they became where we work, go to school, exercise and everything in between. It’s been motivate us to re-evaluate what our home wants and needs to be, ”Knock Co-Founder & CEO Sean Black said. “Although a pandemic may erupt in this trend, it is not likely to subside any time soon. People are placing a higher value on where they live, and for many, that means of putting where they live before being close to the office, especially now that so many are able to work remotely, at least part of the time.It also means that we see people moving frequently, especially helpful. the technology to simplify the process of buying and selling homes. “
Pandemic shoppers sought out areas with less population in their current state
Among those who bought a home during the pandemic, nearly three-quarters (72%) moved to a new area, with 59% moving to a new city in the same state. About four in 10 (39%) of these consumers choose a city / town with fewer than 10,000 people.
This was significantly higher than those who moved before the pandemic, with a small half (54%) reporting that they moved to a new area and 41% saying they moved to a new city within the same state. In addition, only 29% of the people who bought their home before the pandemic lived in a city / town with fewer than 10,000 people.
Southerners led the rest of the country in home purchases during the pandemic. Fifty -one percent of those who moved during the pandemic lived in the South, compared to 38% who moved before the pandemic. Nearly one-in-five who moved during the pandemic lived in either the Midwest (19%) or West (19%) and one-in-10 lived in the Northeast (11%).
Who will move, where and why?
Nearly one-quarter (24%) of homeowners reviewed the plan to buy a new home within the next year. Moreover, these homeowners are younger on the skew, with nearly half (49%) being either Gen Z or millennial.
For homeowners who plan to relocate within the next year, the trend toward in-state relocation to less populated areas is likely to continue, at least in the short term. More than two-thirds (69%) of homeowners expecting to buy a new home next year want to move to a new area, and 43% want to move to a city / town with more less than 10,000 people.
Millennials and Gen Z will help continue to fuel the shift in smaller towns and cities. Thirty -seven percent of millennials and Gen Z want to buy their next home in a city or town with fewer than 10,000 people. Nearly one-third (32%) of Gen X and a quarter (25%) of Baby Boomer / Silent Generation future consumers feel the same way.
Analyzing long-term, general migration trends, a majority of those considering a migration are more likely to stay in the region where they currently live, with Westerners and Southerners more likely to stay in the area and the Midwesterners and Northeheasters are more likely to move.
Eighty-six percent of those currently living in the West and 84% of southern movers plan to stay in their current region. In the Midwest, 70% plan to stay in the region, while 17% plan to move to the South, 6% plan to move to the West and 1% plan to move to the Northeast. Of those currently living in the Northeast, more than two-thirds (67%) plan to stay in the region, while a quarter plan to move to the South, 6% plan to move to the West and 1% plan to move to the Western Hemisphere.
California leading the list of top destinations moving at 12%, followed by Florida (11%) at Texas (9%).
A desire for a larger home (40%), quiet neighborhood (39%) and outdoor space (37%) are the top factors motivating homeowners to move.
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The findings are based on an online survey of 2012 U.S. homeowners nationwide over the age of 18 conducted by HarrisX from April 28 to May 4, 2021. The sampling error margin of this poll is plus or minus 2.18 percentage points. The results show a nationally representative sample of homeowners who have grown up in The united state. Results were weighted for age, gender, region and race / ethnicity where necessary to align them with their true proportion to the population.
Knock is on a mission to empower people to move freely. Knock Home Swap ™ makes it easy for buyers to buy their new dream home before selling their old one, skip the hassle of living by fixing and showing up, just pay off one loan one at a time, and having home prep is covered in advance so that their old house sells for the highest possible price. Knock currently offers Home Swap in 40 markets in 10 states and plans to grow to over 100 markets by 2023.
Launched in 2015 by founding Trulia.com team members, Knock has raised more than $ 600 million in debt and equity from top -level investors, including RRE Ventures, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs.
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