MReport December 2021

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52 | 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 Share of Single- Income Homes on the Rise The pandemic has caused shifts in the demographics of households including how many streams of income a household has while others found happiness by moving to a new metropolitan area. A new survey by Redfin has found that the num- ber of single-income households has increased during the pandemic, either by choice or by circumstance. According to the survey, which polled 1,023 Redfin users in August, 34% of people who moved into a new home since March 2020 indicated their household only had one stream of income. By comparison, only 29% lived in a single- income household before the pandemic. Likewise, as the number of people living in a single-income household increased, the number living in dual-income house- holds decreased to 59%, compared to 62% before the pandemic. "While some people chose to move down to a single- income household, others had no choice," said Taylor Marr, Redfin's Deputy Chief Economist. "Thousands of Americans lost their jobs during the pandemic, and scores of parents had to leave the workforce when daycares and schools shut down. Most workers are rethinking where their careers fall on life's priority list." The switch to permanent remote work for some is also driving more people to move out of the city and into the suburbs where it is more feasible to live on one income. The survey found that 30% of Redfin users were looking to move to a new metro area compared to 26% before the pandemic. Popular destinations users considered were in low-cost areas where the median home sale price was below the national average such as Atlanta, San Antonio, and Tampa, Florida. THE LATEST DATA

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