Nearly One-Third of U.S. Homebuyers Want to Move if They Can Work Remotely Post Pandemic

About a third of U.S. homebuyers and sellers would relocate if they are allowed to continue to work from home after the Covid-19 pandemic, according to a report released Tuesday by Redfin.

In addition, about a third of respondents have already moved, the Seattle-based property agency found. It surveyed more than 1,400 people in November and December across 32 major U.S. housing markets who either bought or sold a home over the last year or plan to do so in the coming year.

Many of those who have moved haven’t gone far. Redfin found 30% of those who have moved are within 50 miles of their former home, while 23% would like to move somewhere in the same radius. Only 4% moved more than 50 miles away, with 10% saying they would like to do so.

“We haven’t seen the end of pandemic-driven relocation,” Redfin chief economist Daryl Fairweather said in the report. “There will be a second wave of migration this year as permanent remote workers are able to let lifestyle preferences and affordability rather than proximity to the office dictate where they live.”

People with an annual salary of $150,000 or more made up the biggest group of those who have already relocated, at 44%, according to the survey. About 30% in that income bracket would like to move. In contrast, only about 24% of those making between $50,000 and $74,000 have moved, with 38% saying they would like to do so.

About 72% of respondents expect to continue to work from home after the pandemic, with 17% saying they do not think they will be able to do so and 12% unsure, the data showed.

In addition, many think the migration from coastal cities, which are typically more liberal, could ease divisions in the U.S., according to the report. About half of those who have already moved agree, as well as 25% of those who would like to move and 21% of those who are staying put.

More people are also willing to move to a place where most residents have differing political views, Redfin found. About 27% of respondents would be hesitant to do so, compared to 42% in December 2016 and 32% in June 2020.

Article Source: Mansion Global