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The table below shows the metros with the most inbound and outbound cross-metro searches this quarter. On the left are the ten metros with the highest share of residents searching to move away to a different metro; on the right are the ten metros with the highest share of inbound searches coming from users who currently live in a different metro. Together, these stats show which places are growing in popularity and attracting interest from renters across the country, and which areas renters are ready to move on from. And in the case of San Jose, Raleigh, and Austin specifically, the places that are experiencing high turnover with many renters considering moving both in and out.
These three “revolving door” metros are the only places that appear in the top 10 for both metrics. In San Jose and Raleigh specifically, the cross-metro rate exceeds 50 percent for both outbound and inbound searches. These regions stand out as technology hubs heavily disrupted by the remote work revolution. In fact they rank first (San Jose), fourth (Austin), and eighth (Raleigh) in terms of the share of their workforce that have remote-friendly occupations. Newfound flexibility has likely given many residents of these metros the opportunity to move somewhere new, which in turn creates vacancies that attract new renters from afar. We have seen this dynamic play out in local rent prices, where over the last 18 months these cities experienced dramatic rent declines followed by similarly-dramatic rent rebounds as residents cycle in and out of the rental market.
Beyond these three, other technology-friendly markets that are experiencing high outbound migration this quarter (e.g., San Francisco, Boston, Denver, Baltimore) also rank high in terms of remote-friendly workforces and dramatic price swings.
- 87 percent of Gen Z respondents to our survey view homeownership as being at least somewhat important, similar to the rate for millennials. However, the share who consider homeownership to be “extremely important” is notably lower for Gen Z (26 percent vs 35 percent of young millennials).
- 77 percent of Gen Z view homeownership as being “at least somewhat attainable” within the next 10 years. However, Just 13 percent think that homeownership is “extremely attainable,” significantly lower than the shares for young millennials (21 percent) and older millennials (23 percent).
- When combining views of importance and attainability, we find that just 9 percent of Gen Z view homeownership as both “extremely important” and “extremely attainable.” This is significantly less than the comparable rates for young millennials (16 percent) and older millennials (17 percent).
- Despite a generally positive outlook on homeownership, it’s not a goal that many Gen Z renters are actively working toward. Just 16 percent say that it’s currently their top financial priority, well below the shares that are prioritizing personal savings and investments (35 percent) and paying down debt (27 percent).
- 56 percent of Gen Z respondents say that they expect help from family with a future down payment. Among those with high confidence of down payment assistance, over 56 percent feel that homeownership is extremely attainable, but for those who do not expect any assistance, just 17 percent consider homeownership extremely attainable.
- Remote work is likely to shape future housing choices for Gen Z, but among Gen Z respondents, just 17 percent view remote work as an extremely desirable working arrangement, compared to nearly one-third of millennials.
- 30 percent of Gen Z state that being in an affordable housing market where home ownership is financially attainable is the most important factor determining where they would like to live in the future.
In a year when people have yearned for a return to normal, the rental market has been anything but. Not only are rent prices rising, they are rising tremendously fast and rising virtually everywhere. According to our national rent estimates, prices jumped over 11 percent in the first half of 2021, more than doubling the rate of inflation and more than tripling the typical rent growth we measured in the several years preceding the pandemic. Today, 87 of the nation’s 100 largest cities have fully rebounded to pre-pandemic rent prices, and in smaller cities like Boise, ID; Bend, OR; and Spokane, WA; rents are up more than 30 percent since last March.
What’s driving these dramatic rent spikes? In this report, we highlight five interconnected trends that help explain why rent increases are sweeping the nation. We do not intend for this to be a comprehensive list, nor do we suggest the relative weight of each individual factor on price changes. Instead, we hope to highlight ways in which the COVID-19 pandemic has exacerbated affordability concerns by disrupting supply and demand in both the rental and for-sale housing markets.
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