Amid the record-breaking unemployment and against the backdrop of an unprecedented global pandemic, more than 2.5 million American adults moved in with a parent or grandparent in March and April.  Currently, it is estimated more than 30 million adults are living with their parents or grandparents, the highest number on record. Gen Zs (born between 1995 and 2015), not surprisingly represented 80% of those who recently moved back in.

Times have certainly changed.  As we all are doing more and more from our homes - work, homeschooling, and quarantines, people are looking at their homes and housing differently.

Are there enough bedrooms, or can the kids share?

How are the bathrooms, maybe we can make do with one less than ideal?

They may really want a dedicated room for a home office, but since the master is large enough do they put a desk in there? Maybe they had chosen something smaller in exchange for a shorter commute to their work, so now they can move further out and get everything they originally wanted. Minimum no longer fits long-term for them and this may be a permanent mindset. When the time comes to move, it is believed these home shoppers who will continue to work remotely will seek out more space with a larger home and outdoor space.  This may show a trend to move farther outside city limits.  Typically moving away from a more urban core may allow them to find that larger home within their budget. Not everyone however feels this way, so we are unlikely to see a large-scale rise of rural homesteaders.

With record-low mortgage rates, we are seeing a strong pace for home sales and due to the limited number of listings, buyers are without the number of choices they may be used to.  New listings are not keeping up with replacing the sales.  This may be in part due to the sellers not feeling comfortable in having tours of their home, believing the prices are not high enough yet, or the delay in downsizing and uncertainty of where to relocate.

It will be interesting to watch the trends unfold.