Americans have historically moved more frequently than those in most countries, but the U.S. mobility rate has actually been declining for the past 35 years. In 1985, over 20% percent of Americans changed homes; by 2019, that rate had been cut in half, according to the Census Bureau.
But now, there are several reasons to believe that migration will be re-ignited. In fact, the COVID-19 pandemic is simultaneously forcing Americans to both stay put and to move, according to a recent survey from Apartment List.
The share of Americans who say that they are more likely to move this year due to the pandemic increased from 17% to 21%, while the share who say that they are less likely to move increased from 30% to 33%.
Loss of income has left some households with no choice but to move to a more affordable home. For others, the costs associated with moving now seem overly burdensome, forcing them to stay put.
And there's the virus itself: many Americans are choosing to stay where they are because they believe the process of looking for a new place to live, as well as the process of moving, is unsafe. The percentage who cite safety concerns rose from 37% to 44%.
Renters, residents of dense urban areas, and those who have been laid off are the groups most likely to be considering a move.
Are Renters Abandoning Urban Areas?
Apartment List's survey found that American cities face an uncertain future. After years of growth, driven primarily by young professionals seeking high-paying jobs and urban amenities, cities have been hit hard by coronavirus.
Nearly 30% of renters living in high-density urban areas say that because of the pandemic, they are more likely to move by year’s end. This is more than double the rate of those living in rural parts of the country, where residents are much more likely to stay put rather than to relocate.
Now that many people have been freed from their offices and are working from home (WFH), they're considering locations that they weren't feasible prior to the pandemic. Twenty-three percent say WFH is playing a role in their housing decision, up from 19%.
“But it is not just remote workers who are considering a move. The second group sits at the other end of the economic spectrum and represents a much more dire reality,” according to Apartment List.
Lower-income city residents are struggling to keep up with high housing costs in the wake of an economic crisis. Among those in households earning less than $50,000 annually, 29% say that they are now more likely to move, but for very different reasons than the group described above. Forty percent cite the need to downgrade to cheaper housing and 30% say they are pursuing better economic opportunity.
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