The COVID-19 pandemic has been a time of upheaval and uncertainty for everyone, especially for young professionals starting their careers. With so much uncertainty about the future, many young people are rethinking their choices, including their housing situation. They are now looking for ways to save money while keeping up with their career goals and maintaining their family’s health.
Reconsidering Housing Arrangements
During the crisis, many people realized that they were spending too much money on their housing. They were also stuck in cramped quarters with little to no outdoor space. As a result, they are now reconsidering their living arrangements.
Some are looking to move to cheaper locations, while others are considering downsizing to save money. Some homeowners are now looking for ways to make their current home better accommodate their new lifestyle. Some want to buy a house in the countryside to escape the hustle and bustle of the city.
What’s Driving This Trend?
Different factors are driving this trend. For one, the pandemic has led to widespread job losses and uncertainty about the future. This has made many young people reconsider their living situation. They are now looking for ways to save money and ride the economic downturn.
More people are now looking for more square footage without breaking the bank. This is true for families with young children or those who plan on living together again.
The pandemic has made many people prioritize their health and well-being. They are now looking for homes that offer more space for them to stay active. They also want features that can help improve their mental health, such as access to nature and good lighting.
How Consumers Are Embracing This Trend
People are getting creative when rethinking their housing. The following are four ways consumers are embracing this trend:
Professional Home Additions/Renovations
Home additions and renovations are a popular solution for those who can’t leave their houses. This is an opportunity to add more space and improve the overall quality of their home. It’s also a way to make their home more energy-efficient and eco-friendly.
When renovating or adding living space, homeowners turn to local architects, carpenters, and other home improvement specialists for help. They are investing in long-term solutions to best suit their new lifestyle, so they are hiring experts. They take their sweet time looking for reputable professionals with years of experience tackling their target projects while considering their budget, the professionals’ reputation, and the timeline.
Simple Home Improvements
Many young professionals with no choice but to stay in their current homes are turning to simple home improvements to achieve their desired results. This includes adding storage, decluttering, and repurposing existing space. Many turned what little extra space they had into their own home office to make working from home more bearable.
Families with young children also take this opportunity to child-proof their homes and make them more comfortable for their growing kids. They are decluttering, organizing, and creating more storage to prepare for the future.
As for homeowners who welcomed their senior loved ones, they are making senior-friendly improvements to make their homes safer and more comfortable. These can be as simple as installing grab bars in the bathroom or getting a stair lift.
Local Moves
Some people are moving to cheaper locations. This is a good option for those who want to stay in the same city but can’t afford their current home. It’s also a good solution for families who want more space but can’t afford to move to the suburbs.
Some consumers are also willing to leave their life in the city for a more peaceful and considerably cheaper life in the countryside. They are turning to rural mortgages and other financing options to make their dream of living closer to nature come true.
When moving, people consider their budget, commute, schools in the area, and other amenities. They are also looking for homes that fit their needs and lifestyle. For example, some people want a single-family home with a big backyard while others prefer a smaller home with easy access to public transportation. It all depends on the person’s needs and preferences.
Tiny Homes
Tiny homes are becoming more popular as people are looking for ways to downsize and save money. This is a good option for those who want to live a simpler life with less stuff. It’s also a good solution for families who want to live closer together.
Many people are drawn to the idea of owning a tiny home because it’s more affordable and eco-friendly. They can also customize their tiny homes to fit their needs and lifestyle. For example, some people add solar panels to save on energy costs. Others install composting toilets to reduce their environmental impact.
This list shows that the pandemic considerably changed how people think about their homes. It made them realize that their homes are more than just a roof over their heads — their sanctuary, a place where they can feel safe and secure. Because of this, people are now looking for ways to improve their homes to best suit their needs. Whether through simple home improvements, major renovations, or even moving to a new location, people are willing to do what it takes to make their homes perfect.
