When COVID-19 came to our shores, it kicked off a paradigm shift in the labor market; once remote work was a “perk” offered only to a select few, now over a third of Americans work remotely. Similarly, prior to COVID-19, people were required to live near where they worked; if you’ve ever lived in Los Angeles, you understand what a few miles means to in terms of commute. With the surge in remote work, you would expect many people to pack up and move to more desirable (for them) locations. Of these relocations, 31.8% of those asked stated they moved to be closer to their families, and 32.5% stated they moved because of work. Unsurprisingly, many people moved to less crowded areas with a lower cost of living.
The states that saw the largest exodus includes New Jersey, Illinois, New York, and California. Notwithstanding the fact that Austin, Texas, and Boise, Idaho have snagged headlines as the most popular destination, the state of Vermont actually saw the largest influx of residents. South Dakota, South Carolina, West Virginia, and Florida were close seconds to Vermont.
Thus, it appears that when given a choice, people prefer to move somewhere less densely populated, and more affordable.
At the Chernov Team we understand that knowledge is power, and knowledge of market trends is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.
The Housing market’s Winners and Losers in 2021
