As discussed in a previous week’s newsletter about trending amenities, many aspects of American life have been significantly impacted by the pandemic, changing the way we live and work. Due to the shifting economy, rise in remote work opportunities, and desire to relocate to less densely populated areas, people have decided to move. Where is everybody going?
Around one-in-five U.S. adults (22%) say they either changed their residence due to the pandemic or know someone who did.
~Source: Pew Research Center survey
How will moving patterns continue to change in 2021?
The Census Bureau recently released the latest year’s changes in state resident population counts. Here are some migration trends to keep an eye on in the coming year!
Which cities should you choose for your next multifamily project?
Within the states shown above, the top cities that showed an increase in their population in 2020 due to inbound moves are the following:
Why is everybody moving?
The Neighbor 2020-2021 American Migration Report surveyed over 1,000 US-based respondents to find out just how many Americans were planning to move in 2021 as well as their key motivations for doing so. Here’s a quick summary of what we learned:
- A quarter (25%) of Americans who moved in 2020 did it because of the pandemic
- Around 35% of COVID-forced moves were out of financial hardship.
- Affordable living is at a premium: Over 20% more people are planning to move in 2021 than moved in 2020.
- Movers are looking to spread out: Most of these movers aren’t relocating due to safety concerns related to COVID-19.
- Work-from-home opportunities are attractive: While 18% of respondents who plan to move in 2021 have job flexibility, most are doing so to lower the cost of living.
- People will continue to move to the suburbs outside of big cities: With more living space being a key deciding factor in where people plan to move, about 40% of movers are relocating from larger cities to smaller communities.
- Community: Many want to be closer to family.
- Work relocation: Major companies are relocating.
BASE4 is here to help!
With people on the move, developers have a unique opportunity to dive into new markets in the top destination areas. But construction costs are high, especially with rising lumber costs. You need design partners who understand how to create an efficient and high-quality living space with affordable construction options using industrialized construction methods. With experience all over the country, our designers will help you achieve your project’s goals.
We are always learning new ways to build efficiently. STONEPILEllc—The Online Construction College, is our think-tank for innovation. Check it out—the only higher education institution dedicated 100% to construction innovation and education.