- 1 in 20, 5% of population, moved because of COVID pandemic, according to Pew Research
- 11% of population aged 19 – 29 moved
COVID Movers Likely to Redefine National Landscape
We’ve been writing a lot lately about how many and where a significant number of the population moved during 2020. Why? Because so many people did it…some 5% or 1 in 20 of our population moved, according to Pew Research.
Even more people are expected to move this year than in 2020…an additional 11.7M movers just between April and June 2021, according to Audience Town research. Ed Carey, CEO of Audience Town, said that this moving trend will, “redefine the national landscape.”
“Massive” Year for Residential Real Estate
Carey of Audience Town believes that 2021 will be a “massive” year for residential real estate sales. Continued historically low interest rates, preferences for more room inside and outside the home, and the freedom to work from wherever are among the leading factors that will drive another booming home sales market.
And, let’s not forget the primary reason people have been and will continue to pack up, financial strain.
Affordability Name of Game for Both Workers and Employers
Many younger workers as well as employers already have or will soon say good-bye to large, densely packed, expensive metros. They’ll in turn say hello to more affordable destinations such as Miami, Austin, Nashville, Idaho, Montana and Utah.
With both workers and employers embracing remote working to some extent from full-time to hybrid models, both workers and employers are looking at reduced real estate costs. Some of these “outpost” destinations are hoping to compete with coastal business capitals while new employer residents enjoy paying less for space and less in taxes.
Companies such as JPMorgan Chase no longer need 100-seat conference rooms for a maximum of 60 people “conferring” together at the same time in the same day as a minimum of 40 people are zooming to confer simultaneously.
Latest Statistics on Zoom Town Movers
- 7M Americans projected to move between April and June 2021
- 5% are business owners – this makes business owners 59% more likely to move than overall population
- 17% hold executive management titles – 65% above the baseline population
- 16% have assets in excess of $500,000 – +7.6% above the norm
- One-third of likely 7M movers currently based in California, Texas, New York and Florida
- No one knows for sure where these estimated 7M movers intend to more to
Thanks to Audience Town and Bloomberg.
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