While the pandemic and work from home policies spurred an exodus from big city centers, very few Americans chose to relocate in 2022 and likely with good reason: Moving is no fun.
The big picture: About 75% of people who moved had some regrets over it, according to recent data from Home Bay, a website that offers real estate analysis, and 44% of people reported crying at least once during the process.
Despite their regrets, people approached moving with mostly positive emotions, with 65% reporting they were excited, hopeful or relieved.
- Still, about 59% of people reported being stressed, anxious, frustrated or dreading their move.
- Of 1,000 people who were surveyed on their experience with moving last year, 20% percent wished they had never moved at all and another 20% wished they had chosen a bigger home.
What's happening: After a chaotic housing market boom during the pandemic, the market is becoming more buyer friendly. Still mortgage rates are hovering around 6%, cooling the market.
- When people are moving, affordability is really the draw. Cheaper areas in the Sun Belt have seen an influx, Axios' Sami Sparber reports.
- 25% of people moved from cities to suburbs, and 31% of rural residents moved to suburban areas.
- Still, 40% of people said they would prefer to live in a city if money were no object.
- Given the cost of long-distance moves, most people — 61% — moved within 20 miles of their previous home.
- California, meanwhile, was the state people most often moved away from. But more than a quarter of those polled said California is their dream state to live in, especially the Los Angeles area, if money wasn't an issue.
Source: Read Full Article