More than 30% of young adults say they moved from congested cities during the pandemic, but they didn't go that far away, according to a new Bankrate/YouGov survey.
The most mobile bunch during COVID-19 were Gen Z-ers. According to the survey, 32% of Gen Z respondents said they moved in 2020. That was followed by about 26% of millennials, and 10% of Gen Xers.
They are "going places where they may be able to get a little more space, a little more bang for their buck, but not going to the middle of a cornfield for the most part," Bankrate analyst Zach Wichter told Yahoo Finance live on Monday.
For example some of those exiting Manhattan moved to less congested and nearby Brooklyn. Houston residents moved to Katy, Texas, and those fleeing Austin shifted over to Pflugerville.
Those who moved were looking for more bang for their buck — bigger spaces at more affordable prices.
"Twenty-seven percent of those who responded to our YouGov/Bankrate survey said that housing affordability was one of the main motivating factors for their move," said Wichter.
Post pandemic scenario
It's hard to say what the housing shift will look like post pandemic, though it's "pretty clear is that people are taking advantage of the flexibility that working from home provides to them," says Wichter.
"It's hard to extrapolate though, if companies are going to keep letting them do that, what it means for post pandemic," he noted.
"People may not need to go into the office quite as much, but if they're happy where they're living, they may not be so desperate to move somewhere," added Wichter.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre
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