What's Driving Today's Migration Trends? | Richmond, Virginia Real Estate

Published: Aug 29, 2024 Duration: 00:02:20 Category: News & Politics

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what's driving today's migration Trends we'll cover that today on frequently last Friday what is going on Party People my name is Chris alliott I'm a local real estate agent in the Central Virginia area today we're going to be answering a question that we seem to be getting from folks is what's causing today's migration Trends so I'll start off with a quote from a senior Economist over at Zillow who said housing affordability has always mattered and you're seeing it across the country housing affordability is reshaping migration trends a recent study from Extra Space Storage revealed that 55% of Americans are currently considering relocating to a more affordable area and there's two big trends behind this the first is that we have a ton of retirees and Baby Boomers that are looking to get to warmer clients and more affordable areas with a lower cost of living and the second is we have remote and hybrid workers that are also looking at more flexible options more lower cost of living areas given the flexibility they have in the workplace it's estimated that over 34 million jobs in the United States right now are either fully remote or hybrid in some form or fashion and these two Trends are certainly playing out in our Metro Richmond Marketplace so our two biggest peter markets in Central Virginia are the tri-state area so New York New Jersey Connecticut as well as Northern Virginia so as far as retirees go primarily we're seeing these folks come from the trate area where you have a ton of folks that are looking once again to get to a warmer climate or more affordable area and yes of course A lot of these folks are going to Florida and Carol and Georgia but we're also seeing a fair number of that move into our Central Virginia Market as well and as far as Northern Virginia go goes these are our hybrid workers and our remote folks that maybe they need to go into the office in the DC area once or twice or even three times a week however they're looking at the home prices in Northern Virginia and they'd much rather spend that money in Richmond and either get a lot more house Andor have a lower cost of living to tie this all into our continued home price appreciation that we've seen throughout Metro Richmond because for a lot of richmonders this people don't understand why our home prices continue to go up well the once again the two biggest feeder markets are Northern Virginia triced area and what these two folks both have in common is that they are coming from much more expensive home price markets so we are the affordable Market to them so as unaffordable as our Market feels like it has become to folks living in the Metro Richmond area from folks moving from those two metros we're still very very cheap so hopefully that makes sense if you have any questions we didn't cover either shoot a DM or throw it in the comments and I look forward to hearing from you

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