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60 | 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 Motivated to Move: The Pandemic Impact on Migration Homeowner reaction to the COVID-19 crisis created a very interesting market, unlike any seen before. T ake everything you know about the housing market and throw it away, because statistically, 2020 didn't make sense. A global pandemic that initiated unprecedented shutdowns, a boiling political climate, and civil unrest all contributed to a very strange year, but for those who watch real estate, COVID-19 was the big motivator of human behavior. HireAHelper explains the phenomenon in their latest report. In July of 2020, 15% of movers cited the pandemic as the reason for their relocation. By December of 2020, that number jumped to 25%. Whether they lost their jobs (35%), they wanted to move to cities that weren't as impacted by the virus (36%), or they wanted to be closer to family (31%), a quarter of polled people said COVID-19 caused them to move. Some people were tired of lockdowns. In fact, 10% of the people who moved did so in order to find open schools and less restrictions. Three percent reported needing more space because of children schooling from home while adults were also working remotely. In 2% of cases, it wasn't a choice. Landlords were also facing financial hardships, and some had to sell their properties, forcing tenants to relocate. So, where were people going? On average, people moved an additional 13.7 miles farther compared to 2019 moves. But when it comes to big relocations, Idaho was the big winner. Over twice as many people entered Idaho versus leaving it, giving the state a 103% status. For reference, the next states with more people enter- ing than exiting were Vermont and New Hampshire with 62% and 47% respectively. California, New York, New Jersey, and Illinois all saw more people leave than enter in 2020, which was a continuing trend from 2019, but no doubt exacerbated by the pandemic. There's been a rumor that people are fleeing city life altogether, but that isn't necessarily true. While New York City and L.A. have seen more and more people leave, these movers are relocat- ing to smaller cities, where they can have a similar lifestyle, but at a lower price. For example, Boise, Idaho, saw four times as many people coming in than going out. As for when people moved, that has shifted. Historically, the spring is the prime time for real estate. But in 2020, the peak moving month was August, and fall stayed hot for the market. September and October of 2020 saw 20% of moves for the year, up 3% from the previous year. As the pandemic continues, it will be interesting to see what story the 2021 numbers will tell. Love, Marriage, and Money: Gen Y, Z Saving Habits A study reveals millennials and 18- to 24-year-olds are saving more for houses than for babies, and other findings. A new study explores the saving and credit- care habits of millennials and Gen Z consumers— couples, in particular. Among other things, the study by LendingTree found that mil- lennials and Gen Z-ers are saving more for houses than for babies. (That follows an earlier report that showed millennials are less inter- ested in homebuying than ever.) In fact, nearly 6 in 10 (57% respondents) millennial and Gen Z couples are saving for a house, while just about half are saving for a baby. The third priority for this generation of couples is saving for a wedding, at 38%. Here's how the data panned out in regard to the marriage-baby- home desires among respondents: Younger millennials (60%) are more likely than their older coun- terparts (56%) to say they're saving for a house. Meanwhile, 46% of millennial and Gen Z couples are saving for a baby, but that percentage jumps to 55% for those who are married. And 69% of those earning $100,000 or more also said they were. Lastly, we asked those who were dating (but not engaged) whether they were saving for a wedding. In total, 38% said they were. Breaking it down further, 67% of those earn- ing $100,000 or more were doing so, versus 26% of those earning less than $25,000. The study examined several credit-related issues with which couples contend—arguments over financial decisions, differing views on finances, saving for the future, discussing debt, and joining bank accounts, to name a few. The results, in full, are available on the magnifymoney.com blog. Ultimately the researchers explored the idea of a prenuptial agree- ment with expert Lauren Perez, a MagnifyMoney deposits writer, who said, "prenups can be a worth- while conversation before getting married." "Although taboo … a prenup can help you protect your financial assets, including assets like inheri- tances and estates. It can also help ensure the financial situation for any dependents the couple might have." Among those who were engaged, more than half of the survey's respondents said they were at least considering getting one: 23% said they were getting one; 32% said they hadn't decided yet; and 45% said they weren't getting one. A house, along with other major assets, should be included in the agreement, Perez pointed out. Just in time for Valentine's Day, Perez offers insight on the role of money in romance and marriage— "Not talking about finances may work for some, but couples who don't discuss finances likely have a tough road ahead," Perez said. "Relationships require honesty and candor, especially about money, and especially when those finances are coming together. With something as important as money, it pays to communicate and work together."