Home News Home Buyers Are Moving Farther Away Than Ever Before

Home Buyers Are Moving Farther Away Than Ever Before

by admin
0 comment

Buyers who bought a home in the year ended June moved a median 50 miles from their previous residence, according to a National Association of Realtors study released Thursday. The distance was the largest on record in annual data dating back to 2005, the fifth straight year he’s held a constant 15-mile median distance traveled, he said, the NAR said. rice field.

Stanton and Donna Zeff are working remotely this year, so they moved from Texas to Florida before Zeff retired.


Photo:

Michele Ruff

The sharp increase in distance traveled is likely due to the lockdown of many employers. Internal requirementsJessica Lautz, NAR’s vice president of research, said some remote workers are now able to reliably move away from the office.

By mid-2021, “people had the freedom and the ability to say, ‘I’m going to make this move right now,’ with low interest rates,” Lautz said.

Stanton and Donna Zeff were planning to move to Florida when Zeff retired in about six years. Instead, they decided to make the transition sooner because Zeff could now work remotely as her manager on the program.

“You can work outside the office in the same way you can in the office,” he said.

The pair sold their home near Dallas in January and recently purchased a four-bedroom home in Davenport, Florida. Zef’s mother is also planning to move into this house.

A NAR study found that 48% of home purchases are in small towns and rural areas, a record for data dating back to 2003, up from 32% a year earlier.

Suburbs have traditionally been the most popular destinations for homebuyers, but the share of suburban homebuyers fell to 39% from 51% a year earlier, according to the NAR. Only 10% of purchases were made in urban areas, down from 13% last year.

The NAR surveyed approximately 4,850 people who purchased primary homes over a 12-month period.

news corp,

He owns The Wall Street Journal and also operates Realtor.com under license from the NAR.

The survey reflects a turbulent 12-month period in the housing market. soaring interest ratesCovid-19 Pandemic spurred the biggest housing boom The years when people took advantage of record-low mortgage rates and asked for more space to work from home. Home prices hit a record high. Home loan interest rates have more than doubled fewer home purchases Buyers value affordability.

Dana and Madison Christophersen moved their family from California to Idaho to keep costs down.


Photo:

Lauren Warbington/East Bay Portrait

In the year that ended in June, typical miles traveled increased for repeat buyers more than for first-time buyers, Rautz said. Most repeat buyers have benefited from recent home price increases, sell a house at a profit Use your earnings for your next purchase.

Dana and Madison Christophersen, who lived with their two children in Livermore, California, sold their home in April for $1.25 million. Six months later, he bought a new, larger home in Nampa, Idaho, for $585,000, Christophersen said.

He got a new job in the construction industry in Idaho, and his parents, who used to live in California, also moved to Idaho. According to Christophersen, the family wanted a slower pace of life and a lower cost of living.

Christophersen said: “Idaho could afford a nice big house.”

For other buyers, remote work opportunities are they were able to get out Crowded and expensive locations such as the Bay Area, Los Angeles, and New York City. These metropolitan areas rank among the biggest net losses for homebuyers from March 2020 to February 2022, according to a mortgage company analysis.

freddie mac.

Frances and Erik Larios and their daughter moved from Idaho to Fresno, California this year.


Photo:

Eric Larios

Frances and Erik Larios left San Jose, CA with their daughter in January 2020 for the Boise, Idaho area due to Mrs. Larios’ job transfer. But during the pandemic, they went to visit family in California. The two of her, who are both able to work remotely, sold their home in Idaho in June and purchased a home in Fresno, California in July.

“It is exciting for us to plan to stay in the Central Valley for at least the next 10 years and enjoy time with family and friends,” Mrs. Larios said.

According to Freddie Mac, the metropolitan area with the most net homebuyer movement between March 2020 and February 2022 was Riverside, California, about 50 miles away from Los Angeles. Homebuyers also flocked to Northport, Florida, about 80 miles from Tampa.

Ben Ayers, senior economist at Nationwide Insurance, said the trend toward cheaper housing looks set to continue. Even if house prices do fall from their current levels, “unfortunately, I don’t see them returning to the affordable levels we’ve become accustomed to in the last five or six years,” he said.

Housing is one of the most important categories when tracking inflation, but it is also one of the most complex to measure. WSJ’s David Harrison explains how the Shelter Index is calculated and why it’s clouding the Fed’s inflation outlook.Illustrated by Laura Kammerman

Convenience to family was another factor that pushed people to move farther afield. Both Andy Meeker and Janice Meeker are retired and decided to move to Indiana from California last year. The couple wanted to be closer to their children and explore a different part of the country, among other reasons.

We sold our four-bedroom home in Thousand Oaks, CA for $1.6 million in June and purchased a newly built five-bedroom home near Indianapolis for $1.09 million in August.

“I really like where we landed,” Meeker said. “We are gradually seeing people in churches and communities.”

Write a letter to Nicole Friedman [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdb8

You may also like