HOUSTON – (By Dale King, Realty News Report) – A recent study by Seattle-based brokerage Redfin finds that more than three-quarters of people who moved to a new home during the pandemic report increased happiness after relocating.
Overall, 83 percent of respondents said they are happier following a move. That includes 54 percent who said they “feel much happier since the move” and 29 percent who feel “a little bit happier.” Eleven percent said they are less happy: 4 percent reported feeling “a little bit less happy” and 3 percent said they are “much less happy” after moving.
Redfin illustrated this trend with comments from Austin-based agent Debbie Newby, who has observed “an influx of out-of-towners move in during the pandemic.” She noted that many newcomers grew up in the area, left for work, and are now returning to be near family.
“A majority of my buyers today are Texas natives who are thrilled to be coming home,” Newby said. She described working with a young couple who had been living in the Bay Area and working in tech. The wife grew up in Austin and wanted to return to care for an ill family member. They purchased a home near Zilker Park in January and are now working remotely. “They’re ecstatic to be in Austin,” Newby said.
Redfin added that, despite Austin home prices rising well above the national median during the pandemic, the Texas metro remains more affordable than many coastal hubs such as San Francisco and New York.
The report also highlights a shift in household employment status among recent movers. Redfin’s August 2021 survey of 1,023 U.S. residents who relocated since March 2020 found that 34 percent of movers now live in households where only one adult has a full-time job, up from 29 percent before the pandemic. At the same time, the share of dual-income households has declined: 58 percent of recent movers now live in homes with two adults working full time, down from 62 percent pre-pandemic.
“While some people chose to move down to a single-income household, others had no choice,” said Redfin Deputy Chief Economist Taylor Marr. “Thousands of Americans lost their jobs during the pandemic, and many parents left the workforce when daycares and schools shut down. Most workers are rethinking how their careers fit into their life priorities.”
Work-From-Home = A Better House
The rise of remote work also enabled many families to relocate to more affordable areas, where a single-income household is often more feasible. In the third quarter of 2021, 30 percent of Redfin clients were aiming to move to a new metro area, up from 26 percent before the pandemic. Popular destinations included Atlanta, San Antonio and Tampa—metros with median home sale prices below the national level.
“A lot of the families that were able to move down to one income during the pandemic were high earners,” Marr said. “High earners tend to have the flexibility to work remotely, which makes it easier for them to relocate to a more affordable place where only one adult needs to work full time.”
Conversely, lower-wage workers who must be on-site—such as restaurant and grocery staff—have fewer opportunities to move, Marr noted. He also suggested that the pandemic’s surge in early retirements may have contributed to the rise in single-income households: research cited by the Federal Reserve Bank of St. Louis indicates the pandemic pushed more than three million baby boomers into early retirement.
“Most people who move relocate to somewhere less expensive,” Marr said. “Moving tends to make people happier because they’re getting more bang for their buck—often in the form of extra space, better weather and schools, or a shorter commute.”
Nov. 18, 2021 Realty News Report Copyright 2021
For more about Texas real estate, consider the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
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File: Seeking Happiness? Then Move