Most People Who Moved Last Year Say They Are Better Off

By and large, the people who moved during the pandemic have more money in their pocket than they did in early 2020.

Seventy-eight percent of surveyed Redfin.com users who moved to a different metro area from March 2020 through March 2021 have the same or more disposable income after their move. A big driver of that is lower housing costs. Sixty-eight percent of respondents said they have the same or lower housing costs.

More than one-quarter, 27%, of people who moved in the last year or plan to move in the next year say living somewhere more affordable is a motivating factor in their move. A smaller percentage, 21%, said they’re relocating to live somewhere with lower taxes.

In addition to saving money, those who moved also gained space. Sixty-four said their new home is the same size or bigger. Redfin speculated that this is because many homebuyers moved to metro areas with more affordable housing.

With more space and more disposable income, it shouldn’t be a surprise that most people are pleased with their move. A large majority, 80%, said they have no regrets about their decision to relocate. The same percentage said they 80% are happier post-move.

But that isn’t universal. Fifteen percent of respondents told Redfin that they have some regrets about their moves.

Redfin lead economist Taylor Marr says many Americans had probably been considering relocating but couldn’t because they had to stay close to their office or wanted to live near friends or their child’s 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,” Marr said in prepared remarks. “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.”

While people did move, a recent report from Newmark indicates that they didn’t go too far. Looking at west coast markets, it found that people in cities generally moved to somewhat nearby suburbs.

In San Francisco, for instance, 84.2% of people moved to local areas, according to change of address (COA) requests from the United States Postal Service. San Mateo County attracted the most significant percentage of migration—31.2%. That was followed by Marin County (27.6%) and Alameda County (21.3%).