Mar 10, 2023 - Economy & Business
Most Americans have regrets about moving
While the pandemic and work from home policies spurred an exodus from big city centers, very few Americans chose to relocate in 2022 and likely with good reason: Moving is no fun.
The big picture: About 75% of people who moved had some regrets over it, according to recent data from Home Bay, a website that offers real estate analysis, and 44% of people reported crying at least once during the process.
Despite their regrets, people approached moving with mostly positive emotions, with 65% reporting they were excited, hopeful or relieved.
- Still, about 59% of people reported being stressed, anxious, frustrated or dreading their move.
- Of 1,000 people who were surveyed on their experience with moving last year, 20% percent wished they had never moved at all and another 20% wished they had chosen a bigger home.
What's happening: After a chaotic housing market boom during the pandemic, the market is becoming more buyer friendly. Still mortgage rates are hovering around 6%, cooling the market.
- When people are moving, affordability is really the draw. Cheaper areas in the Sun Belt have seen an influx, Axios' Sami Sparber reports.
- 25% of people moved from cities to suburbs, and 31% of rural residents moved to suburban areas.
- Still, 40% of people said they would prefer to live in a city if money were no object.
- Given the cost of long-distance moves, most people — 61% — moved within 20 miles of their previous home.
- California, meanwhile, was the state people most often moved away from. But more than a quarter of those polled said California is their dream state to live in, especially the Los Angeles area, if money wasn't an issue.