The pandemic certainly forced some households into single-income status, but new data from Redfin finds many who relocated during the pandemic also choose to reduce the household workforce—and are happy for it.
According to data representing the time period of March 2020 to August 2021, 34 percent of people who moved during the COVID pandemic now live in a home where only one adult has a full-time job. By comparison, just 29 percent lived in a single-income household before the pandemic. Some 58 percent of the recent movers Redfin surveyed live in a home with two adults working a full-time job, down from 62 percent before March 2020.
“A lot of the families that were able to move down to one income during the pandemic were high earners,” Redfin Deputy Chief Economist Taylor Marr said. “High earners tend to have the flexibility to work remotely, which means it’s easier for them to relocate to a more affordable place where only one adult needs to work full time. Lower-wage workers who are still required to show up in person, such as restaurant and grocery staff, are less likely to have the opportunity to move.”
Additionally, some 3 million baby boomers entered early retirement during the pandemic, according to a study by the Federal Reserve Bank of St. Louis, also leading to the increase in the share of single-income households.
Of those surveyed, 83 percent of respondents said they are at least a little happier after moving. Just 7 percent reported being less happy and 11% said their happiness is about the same.