Economic and health challenges posed by the Coronavirus pandemic in 2020 have got many Americans thinking about whether they really need to continue living in their current homes. Work is relocating from the conventional office desk and many are finding themselves having to work from their homes. The old paradigm of preference to living in close proximity to the office is slowly losing its allure as preference shifts to comfort and convenience.
A recent survey by Lending tree found that nearly half of Americans are considering moving from their current residences in the next 12 months. The survey was done in September 2020 and targeted 2000 participants and targeted different groups of people to ascertain their most compelling reasons for wanting to move. Their results are varied and diverse but all pointing to reasons related to the new way of life expected from now and into the near future.
Housing is one of the large expenses for most American workers and it forms one of the reasons for planning to move. A high 44% of those polled cited cutting costs as the reason they would want to relocate. With millions out of work and businesses doing badly, many people are opting to reduce expenses by moving to less expensive houses in order to cope with the downturn.
Working from home is becoming the new normal and most workers never considered this necessity when moving into their current homes. They now have to work from home and there is an emerging need to move into homes where there is additional space for office work. Those surveyed said they will be looking for homes with either large rooms or additional rooms to accommodate their work needs. The need for space goes beyond the home and also includes open spaces and yards. Those working from home said they need space like bigger yards, kitchens and open spaces to make working from home more exciting and comfortable. The need for social distancing also adds to the desire for more spacious homes. The outside space is now more valued than ever due to the comfort it adds to working from home.
Remote working has almost ruled out the need to live within commuting distance to work. Those who lived near offices for that reason are considering moving to better residences and especially away from congested communal living places. The thinking now is that with remote working, you can live in any place of your choice whether in the countryside or at the beach. Access to basic amenities and internet connectivity is now a basic requirement for any residence. A high of 64% of remote workers polled were considering moving from their current residences against 31% of commuter workers. That’s an exodus by any definition. Surprisingly, 39% of those who want to move are home owners with renters coming at 56%.
Although a high percentage of people polled wanted to move, not all are comfortable relocating to completely new areas. At least 27% say they would like to remain within the same vicinity may be for social or family reasons.