Fifty percent of homeowners who bought since the pandemic began in March 2020 cited crime and safety as a top factor they considered when moving.
As more consumers relocated to the suburbs or a smaller city near a large metro, it is not surprising that crime was a top concern. Homebuyers were also considerate of the cost of living in the area, said 43%, while an additional 43% cited the quality of schools in the community as a top factor, according to a recent Redfin survey. Taxes were an important factor for 34%, and 26% said climate change. Nearly a quarter of buyers wanted to make sure there is racial diversity in the area.
For renters, 40% cited cost of living and 35% cited crime and safety as a top factor when moving. School quality was important to 22% and 13% said taxes were a concern. Twelve percent of renters cited racial diversity as an important feature and climate change impacted 10% of renters.
For those who relocated to a new metro, compared to those who moved within the same area were more likely to cite taxes and climate change as a reason to move. For those that remained in the same area, 46% said crime and safety were a top factor, while 42% said cost of living and 35% said school quality. For those that relocated to a new area, 42% said crime and safety, an additional 42% said cost of living and 36% said school quality, showing that the most important factors to buyers aren’t affected by where they are going.