Home is where your work isn’t
We have all experienced a world changing pandemic in the last year that shifted the way we view family, friends, work, our personal lives and more importantly, home. People living in the largest and most thriving cities in the nation had to pack up their small desk and move their office to their 500 square foot apartment to live and work alongside roommates. We define home in the United States as a sanctuary. This is a space that you come home to after a long day of work to be greeted by your loving family with a warm meal. For the majority of people in the workforce, this definition of home changed drastically. If you are reading this then you have probably experienced the hardships that have come with living alone, converting a small space into an office and losing touch with nature during the pandemic.
This feeling of being stuck and not having the amenities that the big city provides has caused a home buying shift that generations before millennials have predicted. When you live in Los Angeles, New York, San Francisco or Chicago you may not own a car, you may live in a small apartment with no windows and you may never have groceries in your fridge. You spend your money on experiences and local eats and drinks. The lifestyle that the big city provides is perfect for pre- pandemic life. When the big lifestyle shift occurred during the beginning of 2020, millennials began to realize that with all of the social aspects of city life becoming nearly impossible, there seemed to be no reason to stay. The majority of the people living in these large cities are saving up to hopefully one day purchase a home, an idea that is unfortunately out of reach for a lot of millennials and Gen Z.
The National Association of homebuyers did a study on the habits and ages of homebuyers in 2020, a year of record change in the United States. The majority of people buying homes for the first time were older millennials, age 35 being the median. Following 2% behind at 23% of the purchasing market was the first time home buyers aged 40-55. These numbers for this age group are at an unprecedented high. This can be in response to the amount of responsibilities that can come with homeownership; down payments, home insurance, property tax and more. The boomers aged 60-74 are dominating the sellers market in the year 2020. We can see a trend of younger people renting in larger cities for longer periods of time, up until the pandemic. An interesting shift is occurring as what can be described as a “mass exodus” of renters from large cities. Over 89,000 households have left San Francisco since March of 2020, but where are they going? Most of them are going to cheaper cities in rural California or leaving the expensive state altogether. The state of Idaho saw the largest increase of home buyers in late 2020 and into 2021.
Renters are motivated to finally have their own space where they can appreciate nature and a less busy lifestyle. With all of this change comes a large responsibility. Becoming a homeowner is stressful but when you add a global pandemic to the mix it can seem too overwhelming. The best way to go about moving into your new home and into a new state you may not be extremely familiar with, is to research home insurance before moving. Home insurance is essential for any homeowner but for a new homeowner it can provide a guide to prepare you for the potential mishaps along the journey in your new home. At Inusravita we know that buying a home and investing in your future can be costly, that is why we offer a free quote service to help you find the best policy for you and your family. Use our tools today to help you start the home preparedness process with home insurance.