Plenty of people are still moving these days. If you’re thinking of making a move and may be facing the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. Here are a couple of options you can consider
1. People Are Moving to Cities with Lower Housing Costs
One big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to areas that have less expensive housing options. The takeaway for you? If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.
2. People Want to Live Where They Vacation
If you’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today. Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you’re already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you’d need for your dream home.
3. People Who Work Remotely Are Taking Advantage of that Flexibility
Ongoing remote work is another major factor in where people are moving. If you’re a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.
In fact, the same McKinsey Global Institute report notes that of people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.