Nearly 75% of Prospective Homeowners Have Changed Their Plans Due to COVID-19
The same study found that 27 percent of participants would be most motivated to move if their new home would have more outdoor space.
The impact of coronavirus on our daily lives can not be understated. From working in a home office to social distancing at the grocery store, we've all had to adjust to a new normal. For prospective homeowners or renters, the process of finding a new space has also shifted dramatically. A new survey conducted by Finance Buzz investigated the reasons why Americans are changing their moving plans and what their new approach looks like. Of the 1,500 adults surveyed, only 25 percent said that they were planning to buy or rent a home between March and June 2020, and that low number is largely due to the inability to tour homes in person. More than 60 percent of those surveyed said that they wouldn't be comfortable buying a home until 2021.
Even those who aren't shopping for a home have changed their living situation: 16 percent of Americans temporarily relocated because of the COVID-19 pandemic, including 26 percent of Gen Z-ers and 9 percent of millennials, who reported moving back in with their parents. For those who did temporarily move away from their permanent residence, more than 36 percent said they have no sense of when it will be safe for them to return for good.
According to the study, the number one reason why people aren't moving is due to the restrictions put in place from COVID-19, including shelter-in-place orders, self-quarantining, and social distancing regulations.
Perhaps the most shocking statistic is that 26 percent of Americans said COVID-19 has caused them to consider moving permanently due to the cost of living in a less populated area, stronger job opportunities, and the ability to have a larger yard or more outdoor space. Of those surveyed, 45 percent had been furloughed due to COVID-19 and are considering moving permanently in order to live in more affordable communities.