{"id":72619,"date":"2021-05-28T05:30:15","date_gmt":"2021-05-28T12:30:15","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72619"},"modified":"2021-05-28T09:51:12","modified_gmt":"2021-05-28T16:51:12","slug":"pandemic-relocation-more-disposable-income","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/pandemic-relocation-more-disposable-income\/","title":{"rendered":"Eight out of 10 People Who Relocated During the Pandemic Are in a Similar or Better Financial Position Post-Move"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">About two-thirds of surveyed Redfin.com users who moved to a different metro over the last year have the same or lower housing costs; almost as many said their new home is the same size or bigger.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Key findings from a recent survey of Redfin.com users who moved to a different metro area from March 2020 through March 2021:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">78% have the same or more disposable income after their move.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">68% have the same or lower housing costs than before their move.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">64% moved into a home that\u2019s the same size or bigger than their previous residence.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">80% have no regrets about their decision to relocate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">80% are happier post-move.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Seventy-eight percent of homebuyers we recently surveyed who have relocated to a different metro area since the pandemic began have the same or more disposable income after their move.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin survey conducted the first two weeks of April of about 500 Redfin.com users who moved to a different metro area in the last year or plan to relocate in the next year.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-72629 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/more-disposable-income-1-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/more-disposable-income-1-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/more-disposable-income-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/more-disposable-income-1-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/more-disposable-income-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, 68% of respondents who have relocated said their housing costs are the same or lower than they were before the move.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-72630 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/lower-housing-costs-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/lower-housing-costs-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/lower-housing-costs-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/lower-housing-costs-1-768x575.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/lower-housing-costs-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">While housing costs went down and disposable income went up for many respondents, 64% reported moving into a house that\u2019s bigger or at least the same size as their previous home. That\u2019s likely because many homebuyers <\/span><a href=\"https:\/\/www.redfin.com\/news\/q1-2021-housing-migration-trends-budget\/\"><span style=\"font-weight: 400;\">moved to metro areas<\/span><\/a><span style=\"font-weight: 400;\"> with more affordable housing. <\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-72631 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/bigger-house-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/bigger-house-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/bigger-house-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/bigger-house-1-768x575.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/bigger-house-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">For 27% of respondents who have either moved in the last year or plan to move in the next year, living somewhere more affordable is a motivating factor in their move, and 21% said they\u2019re relocating to live somewhere with lower taxes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI recently worked with a couple that listed their home in Los Angeles and moved to Ohio because the wife was able to work remotely,\u201d said <a href=\"https:\/\/www.redfin.com\/city\/11203\/CA\/Los-Angeles\">Los Angeles<\/a> Redfin agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/lindsay-katz\">Lindsay Katz<\/a>. \u201cThe house sold for more than $1 million and they bought a nice home in Ohio for around $400,000. The husband had been a teacher in Los Angeles, but now he\u2019s able to stay home and raise the kids because they\u2019re saving so much money. Their mortgage is half of what it was, taxes are lower, even food costs less. Remote work allowed them to re-evaluate their living situation and their finances.\u201d <\/span><\/p>\n<h4>80% of people who relocated during the pandemic have no regrets<\/h4>\n<p><span style=\"font-weight: 400;\">Eighty percent of respondents who have relocated to a different metro area since the onset of the pandemic have no regrets about their decision to move. Plus, 80% feel happier after their move.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-72632 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/no-regrets-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/no-regrets-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/no-regrets-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/no-regrets-1-768x575.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/no-regrets-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-72633 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/happier-1-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/happier-1-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/happier-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/happier-1-768x575.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/happier-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">There has been a fair amount of speculation about the psychology of pandemic homebuyers, with some wondering whether homebuyers will regret making such a major life decision in the midst of a once-in-a-lifetime global crisis. Soaring prices and intense competition have led some homebuyers to do things they wouldn\u2019t do in a typical year, like <\/span><a href=\"https:\/\/www.redfin.com\/news\/waiving-inspection-contingency-wins-bidding-wars\/\"><span style=\"font-weight: 400;\">waive inspection and appraisal contingencies<\/span><\/a><span style=\"font-weight: 400;\"> and buy homes <\/span><a href=\"https:\/\/www.redfin.com\/news\/remote-homebuying-surges-to-new-high\/\"><span style=\"font-weight: 400;\">sight unseen<\/span><\/a><span style=\"font-weight: 400;\"> in an area they don\u2019t yet live in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While there are stories of <\/span><a href=\"https:\/\/www.wsj.com\/articles\/these-people-rushed-to-buy-homes-during-covid-now-they-regret-it-11613062856\"><span style=\"font-weight: 400;\">certain buyers<\/span><\/a><span style=\"font-weight: 400;\"> regretting their home purchases\u2014and 15% of respondents to our survey have at least some regrets about their moves\u2014it seems that the vast majority of homebuyers feel they made the right choice.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFor most people, relocating to a different metro area probably wasn\u2019t a knee-jerk reaction to the pandemic,\u201d said Redfin lead economist <a href=\"https:\/\/www.redfin.com\/news\/author\/taylormarr\/\">Taylor Marr<\/a>. \u201cA lot of Americans had already been considering relocating, but they were blocked from actually making the move because they had to stay close to their office or wanted to live near friends or their child\u2019s school. The pandemic and resulting work-from-home culture has removed some of those barriers, allowing many people to choose where they live based on factors like affordability, proximity to family and weather. And the loosening of social ties that come with remote work, remote schooling and a lack of in-person events made it somewhat easier for families to leave their comfort zone and try somewhere new. Those people are likely to be satisfied with their moves because the circumstances of the pandemic have allowed them to chase their dreams.\u201d\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>About two-thirds of surveyed Redfin.com users who moved to a different metro over the last year have the same or lower housing costs; almost as many said their new home is the same size or bigger. Key findings from a recent survey of Redfin.com users who moved to a different metro area from March 2020 [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":72625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[42],"tags":[20,21],"coauthors":[124],"class_list":["post-72619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-migration","tag-housing-affordability","tag-migration"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eight out of 10 People Who Relocated During the Pandemic Are in a Similar or Better Financial Position Post-Move<\/title>\n<meta name=\"description\" content=\"About two-thirds of surveyed Redfin.com users who moved to a different metro over the last year have the same or lower housing costs; 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