LendingTree released a rather alarming report on American migration patterns in the time of COVID-19. Roughly 14% of people moved in with friends or family during the pandemic. In a survey of 2,000 people, LendingTree revealed that the migration is likely just getting under way.
According to the survey, 46% of respondents said they are considering a move out of their current residences in the next year. The breakdown of migration plans is quiet stunning. Those considering a move to a new state comprised 8% of all respondents. Roughly 12% said they would consider a move to another city within their state.
One doesn’t need to dive deeper to understand the impact of COVID on Americans and their finances. Millions of Americans currently expect to lose their home or apartment by the end of the year due to the end of a moratorium on evictions. Unemployment remains high, and a large number of service workers remain underemployed due to restrictions and sluggish demand.
However, we have also witnessed a major shift in how Americans perceive their careers and residences. We continue to see Americans leaving large cities as they benefit from work from home policies and stronger digital bandwidth. The ongoing rollout of 5G will also provide greater benefits to small businesses that operate in more remote environments.
The LendingTree report indicates that more Americans want more living space in the future. Roughly 67% of consumers want amenities and other home features that they hadn’t considered in the past. The three most desired elements of a new home are: A yard (27%), a bigger kitchen (18%) and office space (16%).
While more Americans relocate, we continue to operate in an environment where the “Anywhere Adviser” can continue to thrive. What will this trend mean for the independent adviser moving forward and what best practices should one employ as clients move to more open spaces?
We’ll dig into this trend in the weeks ahead.
To get a full copy of the LendingTree report, go here.