MReport February 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 51 of 67

50 | 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 One-Third of Remote Workers Relocated During the Pandemic Seventy percent of survey respondents expected remote work to continue in the post-pandemic era. T he new era of pandemic- fueled remote work will continue to impact housing relocation trends in 2021, according to a survey published by Redfin. In a poll conducted during November and December of more than 1,400 people who either bought or sold a home in the previous 12 months or planned to buy or sell in the next 12 months across 32 major housing markets, two-thirds of respondents report- ed they moved or would consider moving to a different city if given the opportunity for permanent remote work. Slightly more than one-third of respondents (34%) already relocated during the pandemic while 33% stated they would like to move. Income plays a major role in re- location plans. The survey found 44% of people earning more than $150,000 per year have already moved to a different city or area, compared to 24% of people earn- ing $50,000 to $74,000 per year who either moved or wanted to move. More than 70% of survey re- spondents expected remote work to continue in the post-pandemic era while 17% of respondents who are working remotely did not expect their current set-up would continue. "We haven't seen the end of pandemic-driven relocation; there will be a second wave of migration this year as permanent remote workers are able to let lifestyle preferences and afford- ability rather than proximity to the office dictate where they live," Redfin Chief Economist Daryl Fairweather said. "As homebuyers who want more space for their money continue to move into suburban and rural areas, local governments will need to allow more homes to be built to accom- modate them." Redfin also brought a political element to the survey and found 33% of Biden voters believed mi- gration would make the country less divided, compared to 27% who believed it will make the country more divided. For Trump voters, 20% believe migration will dilute partisan divisions and 31% said it would exacerbate the cur- rent political climate. As for whether the current trend of Americans moving from expensive coastal areas to relatively affordable parts of the country would make the country less divided, 27% of respondents said that it would while another 27% believed it would create more divisions. Fairweather added that the exodus of residents from expensive coastal markets could spur a new wave of affordability opportunities. "Remote workers will con- tinue to leave New York and San Francisco, which means homes in those places may become a bit more affordable, a development that could eventually attract new residents or allow local renters to become homeowners," she said.

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport February 2021