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MReport December 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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56 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Migration Patterns Americans consider relocating due to local governments' pandemic response. A recent Redfin report reveals findings from the real estate experts' survey covering Americans' feelings regarding how their local governments handled the pandemic. More than 3,000 U.S. residents took the survey during October. According to the survey, a slim majority of Americans (53%) reported being uncomfortable with the idea of moving to a big city post-pandemic. This number dramatically increased from 39% of Americans who felt averse to relocation to a big city before the pandemic. Just over one-fourth of Americans (26%) voiced their unhappiness and disapproval of how their local government handled the pandemic. This percentage of respondents reported being so displeased with their local government's response to COVID-19's arrival and upheaval that it has caused them to desire to leave their local area and relocate. In contrast, some respondents (21%) disagreed with those highly displeased by their local government's response and voiced that they were not only satisfied with the response on a local level, but that local governments' pandemic response made them even happier with where they currently live. Redfin's Chief Economist, Daryl Fairweather, commented on this divided opinion regarding relocation: "2020 has made Americans realize just how much power their local governments have over their way of life. If residents of a certain area feel their local rules are too lax or too strict, they may want to move somewhere where the local leadership is more in line with their personal beliefs. And the rise in remote work means some people can move to a different city or state without changing jobs, removing what's usually a major barrier to relocation." "Americans moving to areas more aligned with their political views could make certain counties and states more liberal or more conservative," Fairweather added. 53% 21% 26% Number of respondents said local and state government response to COVID-19 had no impact on their feelings about where they want to live. Number of respondents who said local government response to COVID-19 made them like where they live more. Number of people surveyed said the local response to COVID-19 has made them want to move away from where they live or made them change their plans for where they want to move.

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