The Increase in Homebuying to Small Urban and Rural Areas is
Real
The median distance buyers moved from their previous homes more than tripled from the distance registered the previous four years as the shares of homes purchased in small towns and rural areas reached record high per a recent research report (1) from the National Association of Realtors®.
Key drivers for this shift include:
- Lower cost of housing/living and desire to own
- Need for more interior or exterior space
- The rise of remote area work options that will remain beyond the pandemic
The percent of buyers who purchased homes in small towns (29%) and rural areas (19%) were the highest ever recorded, while the shares of homes purchased in suburban (39%) and urban (10%) locations declined from one year ago(1).
This trend is likely to continue is remote working options expand. For example, in a recent survey around the rural migration conducted with Paulsen, a marketing and research firm, and the Audience Audit(1) say that when remote working (telecommute) is an option, 66% of Americans say they would consider moving to a rural home or a subdivision. Key drivers be those consumers included a desire for more land and space, lower cost of living and home prices, less traffic, a safe environment, and fewer people.
One the main impact of this migration is that higher incomes are replacing lower incomes in many rural areas and it is happening in our region of Virginia. For example, according to IRS migration data(3), people moving into Bedford County averaged $102,485 versus those moving out at $64,708 and almost 30% of the net migration in is coming from out of state.
The traditional approach of living where you work is starting to change. If you find yourself in that category and are considering a move to the Lynchburg metropolitan area, including Bedford County, give me a call. I am a broker/owner realtor that is focused on serving buyers and sellers in this region. I have lived thru many personal relocations so I can relate to your experience and understand the key care abouts involved when changing homes.
(1) National Association of Realtors®’ 2022 Profile of Home Buyers and Sellers
(2) https://www.paulsen.agency/insights/articles/the-great-rural-migration
(3) https://www.irs.gov/statistics/soi-tax-stats-migration-data-2019-2020
