On today’s WJR Business Beat, Jeff discusses yet another sign that the pandemic is changing business and our lifestyles as we know it: millions of Americans are moving, and at rates never seen before.
A recent Pew Research survey indicates that 12 percent of survey respondents moved in just the past few months. Contrast that to a typical year, which sees roughly 10 percent of Americans moving during the entire year.
Jeff discusses this trend and the reasonings behind it in the WJR Business Beat below:
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Good morning, Paul.
The coronavirus impact on American society has or will change much of what we used to know as normal. And here’s yet another sign of the times and the changes to our way of life: at a pace and a rate not seen before, millions of people are moving. As college has closed, jobs vaporize and multiple family generations cluster together to ride out the storm.
The pace is so aggressive that as many Americans have moved in the recent months as typically move in an entire year. A recent Pew Research survey indicates Pew found that 12 percent of survey respondents moved in just the past few months. Contrast that to a typical year, which sees roughly 10 percent of Americans moved during the entire year.
Nearly one in four of all movers said they moved because their school closed, while one in five said they moved for financial reasons, including job loss. Slightly more than a quarter said they moved because they thought the risk of coronavirus exposure was higher where they lived. And another fifth wanted to be close to family.
The rate at which people are moving today is likely to have a long-lasting effect on cities in particular, with some experts predicting it will accelerate the emptying out of urban cores as people avoid density and no longer need to have direct proximity to their offices since work from home appears to be more than a temporary circumstance for many.
Where are people going?
Well, four in 10 city dwellers are now considering moving to a more rural area because of the outbreak, the Harris poll indicates.
Last week, the National Association of Home Builders noted that demand for new homes was rising fastest in low density areas, including rural areas, small cities and suburbs in particular, and that Americans were seeking larger homes in part because they expected to work from home as much, if not more in the future.
Just another sign that this pandemic is changing business and our lifestyles as we know it.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
