According to Pew “Young adults have been particularly hard hit by this year’s pandemic and economic downturn, and have been more likely to move than other age groups, according to a Pew Research Center survey. About one-in-ten young adults (9%) say they relocated temporarily or permanently due to the coronavirus outbreak, and about the same share (10%) had somebody move into their household. Among all adults who moved due to the pandemic, 23% said the most important reason was because their college campus had closed, and 18% said it was due to job loss or other financial reasons.”
Homeowners find themselves scrambling to deal with situating elderly family members as well as making space for “the kids”.
The impact on the local Cincinnati housing market has been minimal. Even before the pandemic, articles cited how millennials were delaying life milestones like buying homes and getting married so they could cope with financial stresses like student loans. And the pandemic has added to their financial burden as they experience wage cuts or job losses.
What is the impact of the new normal on home sales in Cincinnati?
So far this year home sales have exceeded expectations and actually broken some records. Some areas and price ranges are cooling down but overall the local real estate market is robust. The change is space is driving some buyers to look outside the normal areas. Add to the mix of parents with older kids for some time and you can see a need for first-floor masters and spacious group areas.