Pandemic Forces Moves for Many Americans, Survey Shows

Nearly four out of 10 Americans have been forced to move or alter their living arrangements in other ways because of the COVID-19 pandemic, according to a LendingTree survey.

In its online survey of 2,032 Americans Sept. 4-11, LendingTree found Americans are re-evaluating their housing priorities as record-breaking unemployment continues and needs for more living space rises.

Researchers with the Charlotte, N.C.-based mortgage broker found one in five Americans are thinking about moving in the next 12 months because their current home is too expensive, while others are considering moving to meet needs created by the pandemic, such as in-home office space.

“The economic crisis has adversely affected the finances of many Americans,” said Tendayi Kapfidze, LendingTree’s chief economist. “Even those who have kept their jobs and added to savings, via stimulus and spending less due to staying home, are likely worried about the stability of their financial position.”

Other researchers have also charted the pandemic’s side effects.

A TransUnion survey conducted Oct. 28 found 54% of Americans were financially impacted by COVID-19, up from 51% in a Sept. 30 survey by the Chicago credit reporting agency.

A report from the Mortgage Bankers Association released Oct. 16 found 8.5% of renters, or 2.8 million households, missed, delayed or made a reduced payment during the third quarter, while 7.1% (3.4 million homeowners) missed their mortgage payment.

LendingTree’s survey released Nov. 17 found 46% of respondents are thinking about relocating within the next year, with 44% of them saying the reason is that their current home is too expensive.

While 39% homeowners are considering a move in the next 12 months, 56% of renters plan to do so.

Nearly two-thirds of remote workers are mulling over a move, while just 31% of commuters say the same.

Living arrangement changes forced by the pandemic were reported by 38% of respondents. The most common change was moving in with family or friends (14%), followed by having family or friends moving in with them (10%) and buying a new home (6%).

Among Gen Xers (ages 40-54), 52% report their living situation has changed because of the pandemic. That’s compared with 49% of Millennials (ages 24-39) and just 10% of Baby Boomers (ages 55 to 74).

Among men, 47% reported pandemic-related changes in living arrangements, compared with 28% of women.

“Job losses continue and are migrating from temporary to permanent,” Kapfidze said. “Of all the expenses households face, housing ranks first at 32.8% of expenditures. Thus, lowering housing costs can have the largest impact on a household’s financial position.”

The No. 3 home amenity or feature on Americans’ wish list — due to the ongoing effects of the pandemic — is a dedicated office space. The survey showed that nearly 1 in 6 consumers favor this choice, which may serve a dual purpose of providing space for working adults and children who are learning remotely. Office space is preceded by a yard (27%) and a bigger kitchen (18%).