There’s no denying that Coronavirus has been a once-in-a-lifetime Pandemic that’s changed the course of this country but the big question is how has it affected living situations?
In this article, we will provide you with data on how Coronavirus has changed living situations and the rental market.
The COVID-19 pandemic has affected so many people, especially workers who are just starting a career. Whether someone lost their job because of the virus or took a pay cut, sometimes finances have to be reevaluated. For these young workers, that might mean moving back in with their parents in order to save money.
But how has the pandemic affected people’s living situations? In a new study, stairlift provider Stannah Stairlifts asked more than 1,000 people, including many who reported hunkering down with family over the past few months, about their living situation and how it has impacted them.
Moving in With Family Amid Coronavirus Concerns
More than half (51.6%) of respondents said their living situation changed because of the COVID-19 pandemic. Nearly 1 in 3 reported having to move in with family, with people in their 20s the most likely age group (40.8%) to report doing so during this time.
Surprisingly, according to the study, those who decided to live with their family while riding out the pandemic were earning $45,000 annually, or $3,500 more a year than those who opted against living with their family ($41,500), on average. Respondents reported living with their family for an average of 3.2 months, with 89.8% of people still living with family right now.
More than 3 in 4 people chose to share a roof with their parents, more than 1 in 3 with their siblings, and 1 in 5 opted to do so with their children. The top reasons why people chose to make adjustments to their living situations were to save money (57.2%), to help their family members financially (47.9%), and to help their family members weather the pandemic (40.6%).
Nearly 1 in 5 people decided to stay with family to have more space during quarantine. Approximately 30% of people decided to make adjustments to their living situations to avoid virus hotspots, and 18.5% wanted to avoid the stress of looking for a new place during the pandemic.
Potential Impact on Housing Trends
More than half of the survey participants who moved in with their family said they were paying for other housing simultaneously—something landlords might find concerning as layoffs continue and furloughs turn into permanent job losses. Only time will tell how this temporary shift in living situations will ultimately play out.
Regardless, sometimes all we need is our family to help us get through difficult situations, and a global pandemic can definitely be classified as difficult. Whether you are the one who is in need of some help or the one helping someone else, having support during these unprecedented times remains so very important.
Contact RPM Central Valley
For more information about news affecting the rental market, or to speak with us about our property management services, contact us today by calling (209) 572-2222 or click here to connect with us online.