The Key Motivators of Relocations in 2021
- The Search for Savings: The desire for lower taxes and cost of living continues to encourage people to migrate, with Texas being a major beneficiary. According to the Migration Report, this was the No. 1 reason people said they were planning a move, with 47 percent of those surveyed citing this as the primary driver.
- The Future of Work: People working from home and liking it and companies seeing an effective model for decreasing their physical footprints have combined to fuel a demand for adequate home office spaces. This job flexibility also means employees often can work from anywhere – even another geographical area, another contributing factor.
- Job Change: While telecommuting saved some industries, others didn’t fare as well, requiring employees to widen their net for job opportunities or makes changes in their careers.
- Low Mortgage Rates: With mortgage rates that can be less than 3 percent, people are taking the opportunity to move to homes that better suit their needs with lower monthly payments and significant savings over the lives of their loans.
- Low Inventory: Homeowners in some areas are finding themselves in the catbird seat, as the local residence supply is not meeting demand. This means they can sell quickly, at asking price or above, and make their own next big move.
- Hearts Grown Fonder: Last year, some people were reminded how much they missed their loved ones and ignited desires to be nearer to them. This, in fact, was the second most popular reason given for a planned move, according to the Migration Report, with 30 percent of respondents giving this as their motivator.
- Personal Space: Enforced isolation with family has shown some the true lack of opportunity they have for “alone time” or personal pursuits; a bigger, or better planned, home could be the cure for closeness.
- The Empty Nest: Rather than rambling through unused rooms, many older Americans are choosing to downsize to smaller homes or condos.
- Following Dreams: People change, and their homes can’t always change with them. Rather than having to endure the hassle of a home makeover, they may see this as the perfect time to make a move that can accommodate new hobbies, ventures, interests and desires.
- Thinking Small: During the past year, there has been a trend toward movement from cities to small towns, with reasons cited including safety issues in re the virus, security concerns due to neighborhood downturns and the ability to do so afforded by work-from-home jobs.
Whatever their reasons, Americans remain a mobile society, adapting to situations, chasing opportunities and looking to the future.