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SEATTLE, November 8, 2021 / PRNewswire / – (NASDAQ: RDFN) – More than a third (34%) of the people who moved during the coronavirus pandemic are living, according to a new report from Redfin (redfin.com), the technology-enabled real estate brokerage. In comparison, just 29% lived in a single-income household before the pandemic. This is based on one August 2021 Redfin poll of 1,023 US citizens who have moved to a new home since March 2020.
As the proportion of people living in households with only one income increases, the proportion in households with double incomes has decreased. Just over half (58%) of the moving companies recently surveyed by Redfin live in a home with two adults who have full-time jobs, up from 62% before the pandemic.
“While some people chose to move to a single-income household, others had no choice,” said Redfin deputy chief economist Taylor Marr called. “Thousands of Americans lost their jobs during the pandemic and many parents were forced to leave the workforce when daycare and schools closed. Most workers are rethinking where their careers are on their life priority lists.”
Working remotely during the pandemic has also enabled many families to move to cheaper places where it is often easier to live in a single-income household. In the third quarter, 30% of Redfin.com users wanted to move to a new metropolitan area, up from 26% before the pandemic. Among the most popular travel destinations were Atlanta, San Antonio and Tampa, FL – all metropolitan areas with average home sales prices below the national level.
“Many of the families who came down to income during the pandemic were high earners,” Marr said. “High earners typically have the flexibility to work remotely, which means it’s easier for them to move to a cheaper place where only one adult has to work full time. Low-wage workers who still have to appear in person, such as restaurant and grocery staff, have fewer opportunities to move. “
A pandemic pension boom could also have contributed to the increase in the share of single-income households. According to a study by the Federal Reserve Bank of, the pandemic has pushed more than 3 million baby boomers into early retirement St. Louis.
83% of moving companies are happier after moving
More than three quarters (83%) of those surveyed said that they were at least a little happier after moving. Only 7% said they were less happy and 11% said their happiness is about the same.
Austin, TX An influx of foreigners has moved in during the pandemic. Many of them actually grew up in the area, looked for jobs and can now come back and live with their families, according to the local Redfin real estate agent Debbie newbie.
“A lot of my buyers are today Texas Locals excited to come home, “Newby said.” I recently worked with a young couple who lived in the Bay area and work in technology. The woman grew up in Austin and wanted to retire to be closer to her family members, one of whom was sick. You bought a house near Zilker Park in January and now work remotely. You are thrilled to be there Austin. “
While Austin Home prices rose well above the national median during the pandemic Texas Metro remains more affordable than major coastal hubs, including San Francisco and new York.
“Most people who move move to a cheaper place,” said Marr. “Moving usually makes people happier because it gives them more money for their money – often in the form of additional space, better weather and schools, or a shorter way to work.”
The full report, including graphs and methodology, can be found at: https://www.redfin.com/news/homebuyer-happiness-single-income-survey/
About Redfin
Redfin (www.redfin.com) is a technology-driven real estate company. We help people find a home through brokerage, home buying (iBuying), rentals, lending, property insurance, and renovation services. We sell houses for more money and we charge half the fee. We also run the leading real estate agent site in the country. Our home buyers see homes first on on-demand tours, and our credit and property services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our home renovation team fix their home to sell it for the highest dollar. Our rental business enables millions of people across the country to find apartments and houses for rent. Since our introduction in 2006 we have more than $ 1 billion at commissions. We serve more than 100 markets in the US and Canada and employ over 6,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin ‘s press release distribution list, email at [email protected]. To view the Redfin press center, click here.
SOURCE Redfin
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