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Here's Why Americans Are Moving Due to COVID-19

Money Talks News logo Money Talks News 7/8/2020 Chris Kissell
Jeremie Boga et al. standing in front of a box: shutterstock_222225169 © Daxiao Productions / shutterstock_222225169

The coronavirus pandemic has forced a change of scenery for a significant portion of Americans, a new study finds.

More than one-fifth of Americans — 22% — either have moved or know someone who has done so since the pandemic arrived, a new Pew Research Center survey finds.

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The reasons adults who had moved gave are varied and include:

  1. To reduce the risk of contracting the coronavirus: 28%
  2. Because a college campus closed: 23%
  3. A desire to be closer to family: 20%
  4. Financial reasons: 18% (including job loss at 8%, or another money-related reason at 10%)

Young people reported the highest rates of relocation, with 9% of those in the 18-to-29 age group picking up stakes due to the coronavirus. That compares with just 1% of those who are 65 and older.

Among Asian American adults who moved, 7% reported having sought a new location due to the outbreak, compared with 6% of Hispanics, 4% of Blacks and 2% of whites.

Where are all these people headed? In many cases, to a family member’s home — as 61% of adults on the move reported doing.

Thirteen percent chose to move to a second home or vacation home, and 7% moved in with a friend.

In addition, 7% relocated to temporary homes, apartments or hotel rooms, and 9% bought or rented a new permanent home.

Related: Half of All Retirees Say They Fear This

Finding a new home

Are you considering relocating, too? If you plan to join the parade of people looking for a new residence, consider cities where the coronavirus has made homes more affordable.

As we detail in “6 Cities Where the Pandemic Has Made Homes Cheaper,” a handful of U.S. markets have seen prices stall or sink amid the coronavirus outbreak.

If you decide to purchase a home, be sure to stop by our Solutions Center and search for the best mortgage rate.

Finally, after thinking the issue over, you may conclude that there is no place like your current abode. If that’s the case, stay put and simply consider sprucing up your digs. You can get tips in the following stories:

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Gallery: 13 Cities Where Renting Is Cheaper Than Owning a Home (Money Talks News)


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